Crucially, this need not be, and should not be, a matter of raising taxes in the aggregate. The proceeds from a gasoline tax ought to be used to finance cuts in other taxesâthis, surely, is the way to present them to a sceptical electorate.
Social Security and Medicare Withholding Rates. The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
The employee tax rate for social security is 6.2% for 2013. The employer tax rate for social security remains unchanged at 6.2%. The social security wage base limit is $113,700. The 2013 employee tax rate for Medicare is 1.45% (amount withheld) each for the employee and employer (2.9% total).