What are the 2008 IRS limits for Social Security and Medicare tax?
For those employed by another, the 2008 Social Security Rate is 6.2% on your first $102,000 in wages. For those who are self-employed, the rate is 12.4% on the first $102,000 of your net profit. The Medicare Rate for those employed by another is 1.45% on all your wages. The Rate for the self-employed is 2.9% on all net profit from your business or work.
