What Percent of your total compensation is paid into Social Security (US)?

Question

- Social Security including Medicare ... for most workers?

C'mon folks, I'm not looking for links or an answer like "it varies". I know the answer, and I'm testing you to see if people know what they're paying. I'll give a hint: it's higher than 7.5%.

Answer 1

In terms of what you could potentially have been paid if there were no tax, the answer is double what you may think, as the government gets employers to pay an equal percentage as a "payroll tax". One half of the FICA is considered part of your gross pay, the other half is not.

The numbers had long been 7.5% + 7.5% = 15%. More recent numbers which break out the social security portion of the FICA are linked below. (Currently 6.2% out of your check, another 6.2% as payroll tax.) The Medicare portion is an additional 2.9% between employee and employer, for a total of 12.4% + 2.9% = 15.3%. (The social security portion has a maximum base of $97,500; the Medicare portion has no maximum base.)

Answer 2

15%

Answer 3

It varies, with several other factors other than your total compensation package. For full details, and explanations, please visit these sites :
http://en.wikipedia.org/wiki/Social_Security_(United_States)
http://www.ssa.gov/SSA_Home.html
http://www.socialsecurity.gov/

Answer 4

7.5%