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.
Employment Rates. Employers must take Social Security tax out of their employeesâ wages at 6.2 percent, up to the annual wage limit of $113,700, as of 2013. Employers pay this same amount for each employee.ASDI, which stands for Old-Age, Survivors and Disability Insurance, is a federal program that provides benefits to qualified retirees and disabled individuals and their beneficiaries.