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 program is funded through tax withholdings. In 2017, Social Security withholding is 6.2% of the employee's gross pay. The employee must pay this until they reach the wage base limit. Earnings above the wage base limit are generally not subject to social security tax. The wage base limit for 2017 is $127,200.