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.
Look up the current employer's and employee's Social Security tax rate. As of 2011, the employer portion has remained at 6.2 percent since 1990 and the employee rate dropped to 4.2 percent. However, the lower 4.2 percent rate for employees has not been extended beyond 2011.