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 Social Security tax rate is 12.4 percent of pay, with 6.2 percent paid by the worker and 6.2 percent paid by the employer. Thus, a worker who earns $117,000 in 2014 will pay $7,254 in Social Security taxes â or about $205 more than in 2013.