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.
Interest and Dividends. Interest and dividends are forms of passive income that are not subject to Social Security tax. Interest and dividends you receive during the year -- unless earned in a special tax-deferred account such as an IRA -- are subject to federal income taxes. portion of Social Security benefits may be subject to income taxes, depending on your annual income. If Social Security benefits are your only income source, however, you don't pay any taxes on your benefits.