2023 Social Security Cheat Sheet - Flipbook - Page 14
Calculating Social Security Taxes
Current Social Security taxes total 12.4%, with 6.2% paid by the employee and
employer through matching payroll taxes. The tax rate remains unchanged
from 2018. If you are self employed, both portions are paid on “Schedule SE”.
For 2019, total earnings subject to Social Security taxes will increase from
$128,400 to $132,900. For the 2019 tax year, the maximum Social Security tax
paid per individual is $8,240, paid by both employee and employer. Here is a
historical comparison of maximum taxable earnings.
2018 Max:
$128,400
2019 Max:
$132,900
Source: Benefits Planner: Maximum Taxable Earnings. Social Security Administration.
https://www.ssa.gov/planners/maxtax.html . Last Accessed October, 2018.
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