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Employment earnings and net self-employment earnings subject to Social Security taxes:
| |
2008 |
2007 |
2006 |
2005 |
2004 |
Combined annual earnings ceiling |
$102,000 |
$97,500 |
$94,200 |
$90,000 |
$87,900 |
Rate (employee)(1) |
6.2% |
6.2% |
6.2% |
6.2% |
6.2% |
Rate (self-employed) |
12.4% |
12.4% |
12.4% |
12.4% |
12.4% |
| |
2003 |
2002 |
2001 |
2000 |
Combined annual earnings ceiling |
$87,400 |
$84,900 |
$80,400 |
$76,200 |
Rate (employee)(1) |
6.2% |
6.2% |
6.2% |
6.2% |
Rate (self-employed) |
12.4% |
12.4% |
12.4% |
12.4% |
Employment earnings and net self-employment earnings subject to Medicare taxes:
| |
2008 |
2007 |
2006 |
2005 |
2004 |
Combined annual earnings ceiling |
unlimited |
unlimited |
unlimited |
unlimited |
unlimited |
Rate (employee)(1) |
1.45% |
1.45% |
1.45% |
1.45% |
1.45% |
Rate (self-employed) |
2.9% |
2.9% |
2.9% |
2.9% |
2.9% |
|
2003 |
2002 |
2001 |
2000 |
Combined annual earnings ceiling |
unlimited |
unlimited |
unlimited |
unlimited |
Rate (employee)(1) |
1.45% |
1.45% |
1.45% |
1.45% |
Rate (self-employed) |
2.9% |
2.9% |
2.9% |
2.9% |
(1) Amounts deducted from employee are matched by the employer
FICA (Federal Insurance Contributions Act) is actually made up of two taxes:
- OASDI (Old Age, Survivors, and Disability Insurance), commonly known as Social Security tax
- HI (Hospital Insurance), commonly known as Medicare tax
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