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.
Tax Rate. The usual rate for Social Security tax is 6.2 percent of your gross wages, including tips, bonuses and other compensation. This means your employer withholds 6.2 percent of your gross pay before withholding allowances are subtracted. For example, if your gross pay is $500, you pay $31 in Social Security tax.In 2011 and 2012, Congress temporarily lowered the Social Security tax rate for employees to 4.2 percent. You had to pay Social Security tax on the first $110,100 of gross income as of 2012.The income limit is adjusted annually, so check with the Internal Revenue Service for the current figure.n 2011 and 2012, Congress temporarily lowered the Social Security tax rate for employees to 4.2 percent. You had to pay Social Security tax on the first $110,100 of gross income as of 2012. The income limit is adjusted annually, so check with the Internal Revenue Service for the current figure.