How much percent of your earned income does social security and medicare take out?
2007-10-29 10:18:16 · 3 answers · asked by Saints1325 2 in Business & Finance ➔ Taxes ➔ United States
SS: 6.2% of the first $97,500 for 2007
Med: 1.45% of all wages
Those are if you're an employee. If you're self employed, it's double those numbers applied to 92.35% of your net profit.
2007-10-29 10:25:47 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The percentages above are right. However, keep in mind that those percentages may rise if we don't get some sort of major social security reform into place.
2007-10-29 18:35:06 · answer #2 · answered by littleJaina 4 · 0⤊ 0⤋
Bostonia is correct.
But, if your self employed it has to be over $400 (in this case that doesn't seem to apply).
2007-10-29 17:50:35 · answer #3 · answered by Russ B 6 · 0⤊ 0⤋