How much is social security tax?

[ZacherySal]

I’m trying to understand how much is social security tax on my paycheck. I see deductions every month but I’m not sure how the rate is calculated or who actually pays it.

 

[Ynessira]

FICA payroll taxes include social security tax. The amount paid by employees in the U.S. is 6.2 percent of incomes within a wage earner income cap. Employers also pay 6.2%. Both pay (12.4) shares by self-employed people. The tax finances retirement and disability benefits and is limited on the amount of earnings that can be earned yearly.

 

[Dylan]

By 2025, the employee and employer Social Security tax rate will be 6.2 percent (12.4 percent combined) on the first 176,100 of the earned earnings. The entire 12.4 is paid by self-employment individuals.

 

[maddy]

Completely understand the confusion - on an average U.S. wage bill, you are contributing 6.2 percent of your earnings in Social Security, and your employer is contributing the same amount, so it all adds to 12.4 percent (to an annual income limit).