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.
For more information, go to Social Security's website. Q: How much money does the federal government collect from taxes on Social Security, and what happens to that money? A: In 2012, Social Security beneficiaries paid a total of $45.9 billion in income taxes on their benefits. The Social Security Trust Funds, from which benefits are paid, received $27.3 billion, while the Medicare Hospital Insurance Fund (HI) got $18.6 billion.