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.
Social Security taxes are one of only two itemized tax items that come out of Americans' paychecks, along with taxes for Medicare, and these are assessed differently than federal and state income taxes. Here's how much you'll pay in Social Security taxes in 2017, and how this may change in the coming years.