Social Security Taxes
Social security taxes are composed of two taxes. 6.2% of employee’s earnings is paid by employees. An additional 6.2% is paid by employers. There is a yearly maximum on social security taxes which is adjusted yearly for inflation.
If John made $100, $6.20 would be taken out his pay and sent to the social security administration. His employer would match it with an additional $6.20.
Sign Up to Learn More!
Join our mailing list today to get notified of new discount offers, course updates, Roger CPA Review news, and more!