The Christmas Cove Dyke of coastal Maine, USA, and regional sources ... by McHone, J. Gregory; Hussey, Arthur M., II; West, David P., Jr.; Bailey, David G. / Atlantic Geology.
Social security and Medicare taxes have different rates and only the social security tax has a wage base limit. The wage base limit is the maximum wage subject to the tax for the year. Determine the amount of withholding for social security and Medicare taxes by multiplying each payment by the employee tax rate. There are no withholding allowances for social security and Medicare taxes.
1 The first major difference is Social Security and Medicare taxes. 2  Ministers are required to pay Social Security Self-Employment tax rather than being subject to the 7.65% Social Security and Medicare tax withholding (IRC 3121 (b)(8)(A)).he Social Security and Medicare boxes on the ministers W-2 Form should then be left blank (boxes 3, 4, 5 and 6). Instead, ministerâs are responsible for paying 15.3% Social SecuritySelf-Employment tax on their salary and housing allowance, in addition to whatever State and Federal income taxes apply.