“Have you forgotten that 15% is for both Medicare and Social Security? Medicare is 2.9% contribution.”
That’s not correct. 15% is just SS, Medicare is extra both you and your employer pay.
That’s not correct. 15% is just SS, Medicare is extra both you and your employer pay.
Wrong. Normally, it runs about 12.4% for SS, 6.2 paid by you, 6.2 by the employer up to $106+K. Medicare is equally split at 1.45% (no cap) each for a minimum total of 15.3%. In 2011, and at least for the first 2 months of 2012, you only pay 4.2% to SS; everything else stays the same.
2011 Social Security tax rate and maximum taxable earnings