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When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years. For 2016, the maximum amount of taxable earnings is $118,500. The maximum earnings for each year since Social Security taxes were first collected in 1937 are shown below. earned more than the maximum in any year but had only one job, the amount we use will be just the maximum amount.
Deduct Social Security tax from your employeesâ taxable wages at 6.2 percent, up to the annual threshold of $113,700, as of 2013. Once an employee satisfies the yearly wage limit, she is exempt from Social Security tax until the start of the next year.edicare Tax. You must withhold Medicare tax from your employeesâ taxable wages at 1.45 percent as of 2013. An additional Medicare tax of 0.9 percent applies to individual filers who earn more than $200,000 for the year and joint filers who earn more than $250,000.