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.
See below to learn how to calculate your Social Security taxes: 1  The Social Security tax rate for 2015 is 6.2% for the employee portion and 6.2% for the employer portion. 2  In other words, if you work for someone else, you pay 6.2% of your income as Social Security taxes and your employer matches this amount.