Commenting on Tanzania 's 2025 Millennium Development Goal Tanzanian Prime Minister Mizengo Pinda said only 12 years remained and the Tanzanian government is focussed on applying the Big Results Now initiative to ensure there is clear implementation of various projects.
The maximum Social Security tax in 2017 will be $7,886.40 per employee, which represents a pretty big increase over 2016. That's the simple answer. Below, find out why the maximum Social Security tax is increasing so much, whether the increase will affect you, and what to expect in the coming years.
The rate for Social Security tax, as of 2015, is 12.4 percent of income, of which the employee pays 6.2 percent, and the employer pays 6.2 percent, states the IRS. The wage base limit for Social Security taxes is $118,500. Medicare tax is 2.9 percent of income, split evenly between the employee and employer. However, Medicare has no wage base limit, and employees must pay an extra annual Medicare tax of .9 percent on earnings over $200,000 that employers do not have to match.