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Social Security & Medicare
Social Security Contribution Limits
- 2018 – $128,400
Social Security Tax Rate
- Employee – 6.2%
- Employer – 6.2%
Medicare Contribution Limits
- 2018 – None, All income is taxed. Additional tax on high earners.
Medicare Tax Rate
- Employee – 1.45%
- Additional – 0.9% on income over $200,000 for Singles
- and $250,000 On Married Filing Jointly
- Employer – 1.45%
Social Security Benefits
Base Amount of Modified AGI causing Social Security benefits to be taxable in 2018
| MAGI | Not Taxable | Up to 50% Taxable | Up to 85% Taxable |
| Married Filing Jointly | Under $32,000 | $32,000-$44,000 | Over $44,000 |
| Single | Under $25,000 | $25,000-$34,000 | Over $34,000 |
Full Retirement Age
| Year of Birth | Full Retirement Age | Year of Birth | Full Retirement Age |
| 1937 | 65 | 1955 | 66yr 2mo |
| 1938 | 65yr 2mo | 1956 | 66yr 4mo |
| 1939 | 65yr 4mo | 1957 | 66yr 6mo |
| 1940 | 65yr 6mo | 1958 | 66yr 8mo |
| 1941 | 65yr 8mo | 1959 | 66yr 10mo |
| 1942 | 65yr 10mo | 1960+ | 67 |
| 1943-1954 | 66 |
You can still retire when you are 62 but you will only recieve a portion of your benefits. A chart can be found here.
Maximum Earnings before Social Security benefits are reduced
| In 2018 | Limit | How Much |
| Before Full Retirement | $17,040 | Lose $1 for every $2 of earnings |
| Year of Full Retirement | $45,360 | Lose $1 for every $3 of earnings |
| After Full Retirement | No Limit | Not Reduced |
Understanding Social Security and Medicare Taxes: What You Need to Know
Social Security and Medicare Taxes: Essential Contributions for Your Future
Social Security and Medicare taxes, also known as FICA taxes, are vital contributions that fund essential programs supporting retirees and individuals with disabilities. Employees and employers share these taxes, ensuring that individuals receive benefits in retirement or during times of need. Understanding how these taxes work, including current rates and thresholds, helps you plan for your financial future. Our experts provide clear guidance on navigating Social Security and Medicare taxes, ensuring compliance and maximizing your benefits.
FICA Contributions
Wage Cap for Social Security
Additional Medicare Tax
Self-Employment Tax
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We’d Love to Help You With Social Security and Medicare Taxes
Company Information
(727) 466-9575
info@tampabaytax.com
Hours of Operation
Mon-Fri 9:00am - 5:00pm
St. Petersburg, FL
Proudly Servicing
Pinellas County FL & Surround