You may also adopt an operating agreement. A single member of the LLC or an unlimited number of members may set up a Minnesota LLC. Members of a Minnesota LLC may include individuals, corporations, other LLCs, foreign entities or partnerships.
Different rates apply for these taxes. The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
The maximum Social Security tax in 2017 will be $7,886.40 per employee, which represents a pretty big increase over 2016. Thatâs the simple answer. Below, find out why the maximum Social Security tax is increasing so much, whether the increase will affect you, and what to expect in the coming years.