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.
Employer Tax Costs. You should budget for Social Security/FICA taxes for each employee. These are currently 6.2 percent of the first $106,800 of compensation for each employee. Unemployment taxes amount to another 6.2 percent of $7,000 in pay.Medicare insurance taxes equal 1.45 percent of wages with no maximum salary cap.ost Breakdown. According to BLS, wages and salaries average $20.91 per hour worked, while employer paid benefits average $9.15 per hour. Interestingly, private businesses, like yours, pay less, averaging $28.10 per hour for wages and benefits. However, state and local government employee costs average $40.54 per hour.