The 2008 contribution rate, also known as the FICA tax rate, is 7.65% for employees and 15.30% for self-employed people. The rates are broken out as follows:
- 6.2% (Social Security portion) on earnings up to the maximum taxable amount ($102,000 in 2008)
- 1.45% (Medicare portion) on all earnings.
The maximum Social Security tax withheld in 2008 is $6,324.
Set by law, these rates haven't changed since 1990.
Maximum Earnings Taxable |
Program |
2006 |
2007 |
2008 |
Social Security |
$94,200
|
$97,500
|
$102,000
|
Medicare |
No Limit for any year after 1993 |
You may also see a history of the FICA tax rate.
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