how much social security is deducted
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.
Do not deduct Social Security taxes on gross wages exceeding this limit. The limit as of 2009 was $106,800 but is adjusted annually. Refer to IRS Publication 15 Circular E for the current figures. Calculate the Medicare tax by multiplying the gross pay by 1.45 percent.