how much social security is deducted from my paycheck
Calculate Social Security tax. The tax rate for Social Security is 12.40 percent of gross earnings, of which the employee pays half, or 6.20 percent. Multiply gross earnings by 6.20 percent to find the Social Security tax to be deducted from the employee's pay. Find the amount of Medicare tax.ocial Security taxes are levied on gross earnings before any deductions. Review the employee's year-to-date earnings. There is a cap on income subject to the Social Security tax (but not for the Medicare tax). As of 2009 the cap was $106,800.