Basic facts about Social Security taxes
For 1999, Social Security taxes take
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15.3% percent of each worker's wages up to $72,600, and
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2.9% of each worker's wages past $72,600. [s]
For example:
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A worker whose wages are $30,000 a year pays $4,590 in Social Security
taxes.
-
A worker whose wages are $72,600 a year pays $11,107.80 in Social Security
taxes.
-
A worker whose wages are $100,000 a year pays $11,902.40 in Social Security
taxes. (Calculations.)
The government is not committed to maintaining the Social
Security tax at this level, and in fact has changed it frequently in the
past.
Simple. Here's the details.
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This page maintained by Steven
Blatt. Suggestions, comments, questions, and corrections are welcome.