Social Security and Medicare Taxes for 2018
November 30, 2017
The Social Security wage base has risen to $128,400 in 2018 from $127,200 in 2017. This means that the first $128,400 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 $128,400.
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 ($250,000 for married couples filing jointly) are subject to an additional 0.9% tax. There is no employer match for additional Medicare tax.
Source: UW Service Center
Categories: Tax