The tax rate for Social Security employees is 6.2% and the employer tax rate for Social Security is also 6.2%. Therefore, the total percentage of the Social Security tax rate is 12.4%. Only the employee portion of Social Security tax is withheld from your paycheck. Federal Insurance Contributions Act (FICA) taxes are comprised of old age, survival and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes.
See Publication 15 (Circular E), Tax Guide for Employers for more information; or Publication 51 (Circular A), Tax Guide for Agricultural Employers for Agricultural Employers for Agricultural Employers. If a person earns more than the Social Security tax limit with more than one employer, they may pay more taxes than required. Taxes deducted from your paycheck for Social Security and Medicare are collectively called FICA taxes. Another common complaint with the Social Security tax is that it is regressive, meaning that if a person earns less money, a larger percentage of their income goes to this tax.
