how much percent for social security taxes for payroll
Social Security and Medicare taxes are calculated as follows: 1  Social Security â Wages for Social Security x 6.2 percent, up to the annual IRS wage limit of $118,500.  Medicare â Wages for Medicare x 1.45 percent. An additional Medicare tax of 0.9 percent applies to all wages above $200,000 for a combined rate of 2.35 percent.