Madison school district enjoys budgetary success. Near the start of the 2010s, Madison District Public Schools moved out of deficit, bringing its expenditures in line with its revenues. Since then, the district has continued to improve its financial picture by leaps and bounds.
The Social Security tax rate is assessed on all types of income earned by an employee including salaries, wages, and bonuses. However, there is an income limit to which the tax rate is applied. For 2017, the Social Security tax is taken from income up to an annual limit of $127,200. Any amount earned above $127,200 is Social Security tax-free.
Your employer matches the Social Security and Medicare and forwards these taxes to the Internal Revenue Service. When you reach $106,800 in income in a calendar year, you do not have to pay Social Security taxes on additional income. Medicare taxation continues to the end of the year on all of your earned income.