Social Security and Medicare Taxes for 2017
December 21, 2016
The Social Security wage base has risen to $127,200 in 2017 from $118,500 in 2016. This means that the first $127,200 of an employee's taxable wages are subject to Social Security taxes. You and the UW will each pay 6.2% on taxable wages up to $127,200.
An employee\'s entire taxable salary is subject to Medicare tax. Both the UW and the employee pay 1.45% on all taxable compensation. Further, any taxable wages that exceed $200,000 are subject to an additional 0.9% tax. There is no employer match for additional Medicare tax.
Source: UW Service Center
Categories: Tax