|
Employment earnings and net self-employment earnings subject to Social Security taxes:
| |
2012
|
2011
|
2010
|
2009
|
2008
|
|
Combined annual earnings ceiling
|
$110,100
|
$106,800
|
$106,800
|
$102,000
|
$97,500
|
|
Rate (employee)(1)
|
4.2%*
|
4.2%
|
6.2%
|
6.2%
|
6.2%
|
|
Rate (self-employed)
|
10.4%*
|
10.4%
|
12.4%
|
12.4%
|
12.4%
|
* for the first two months of 2012 a 4.2% tax would continue to apply to workers’ pay and 10.4% OASDI tax for self-employment income (until further notice).
| |
2007
|
2006
|
2005
|
2004
|
|
Combined annual earnings ceiling
|
$94,200
|
$90,000
|
$87,900
|
$87,400
|
|
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:
| |
2012
|
2011
|
2010
|
2009
|
2008
|
|
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%
|
|
|
2007
|
2006
|
2005
|
2004
|
|
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
|
