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Question
What is the Social Security contribution rate for 2003?

Answer
The 2003 contribution rate, also known as FICA tax, for employees and for self-employed people are:
(For comparison, 2001 and 2002 rates are also shown.)

2001 2002 2003
Employee 7.65% 7.65% 7.65%
Self-Employed 15.30% 15.30% 15.30%


Maximum Earnings Taxable: 2001 2002 2003
Social Security (OASDI only) $80,400 $84,900 $87,000
Maximum Tax Withheld $4,984.80 $5,263.80 $5394
Medicare (HI only) No Limit No Limit No Limit

NOTE: The 7.65% rate is the combined rate for Social Security and Medicare. The Social Security portion (OASDI) is 6.2% on earnings up to the applicable maximum taxable amount (see below). The Medicare portion (HI) is 1.45% on all earnings

The taxable caps go up and up faster than inflation. There is no cap on Medicare.