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.
1 The maximum social security tax employees and employers will each pay in 2016 is $7,347.00 per employee (unchanged from 2015). 2  Domestic employees. 3  The threshold for coverage under social security and Medicare for domestic employees will be $1,900 in 2015 (unchanged from 2014). 4  Election workers.