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 and Medicare. Since this is income from work, you have to pay Social Security and Medicare taxes on it. As of 2015, the Social Security tax rate was 6.2 percent of all wages up to $118,500. That's $7,347. The Medicare tax was 1.45 percent of all wages. On a $1 million salary, that's $14,500.Finally, all wages over $200,000 are subject to the Additional Medicare Tax of 0.9 percent. You have to pay this tax on $800,000 worth of income, which comes out to $7,200. Total tax for Social Security and Medicare: $29,047.s of 2015, the Social Security tax rate was 6.2 percent of all wages up to $118,500. That's $7,347. The Medicare tax was 1.45 percent of all wages. On a $1 million salary, that's $14,500.