Social Security

Question 1

Social Security Tax Rate (Paid by employee and employer)

Answer 1

6.2% on wages up to wage base
1.45% on all wages

Question 2

Social Security Medicare Surtax

Answer 2

0.9% (employee only)

Question 3

Social security deduction when taken before full retirement age

Answer 3

5/9 of 1% for each month for first 3 years early

5/12 of 1% for each month for remaining years early