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.
How do you calculate the social security tax percentage? To calculate the social security tax percentage as of 2015, add the 6.2 percent rate for the employer and the 6.2 percent rate for the employee, which totals 12.4 percent of wages, states the Internal Revenue Service. Social Security tax has a wage base limit of $118,500 for 2015 earnings.