Write-In Candidates running for President in 2016. List Of candidates running for the office of the President Of The United States who have filed Form 2 with the Federal Election Commission. Each individual who is a candidate for federal office must file an FEC Form 2 within 15 days of becoming a candidate.
How the Social Security payroll tax works now. The Social Security payroll tax rate is currently 6.2%, although it's not quite that simple. First of all, not all wages are subject to Social Security tax. As of 2016, only the first $118,500 is used to calculate Social Security tax -- anything above that amount is ignored. In other words, a worker who earns $118,500 per year pays the same Social Security tax as a worker who earns $1,000,000.
Because beginning this year, Medicare taxes will be assessed on earnings up to $125,000 per year, nearly twice the $53,400 subject to Social Security taxes. Here's what's happening: Since 1967, when the Medicare program was established, a portion of our Social Security taxes has gone to pay for it every year. This year, of the 7.65% payroll tax employees and employers each contribute to Social Security, 6.2% is strictly for Social Security while the remaining 1.45% is for Medicare. It was easier just to lump the taxes together under the general heading of Social Security when the taxes were applied evenly to earnings.