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 provide benefits for retirees and disabled workers. As of 2012, the tax rate for Social Security is 4.2%. There is a limit on the amount of income subject to Social Security tax each year.The limit was $110,100 in 2012, according to the U.S. Internal Revenue Service.our gross pay is the amount you actually earn. Your take-home pay is your gross pay minus various deductions including taxes such as Social Security, Medicare and your federal and state income tax withholding.