What is the Social Security wage base and rate?
A The wage base is $94,200 for 2006, up from $90,000 in 2005. The FICA rate remains the same: 7.65% for employees and 15.3% for self-employed individuals. The social security portion is 6.2% of wages up to the wage base. The Medicare portion is 1.45% (2.9% for self-employed) of wages with no ceiling.
A. The wage base is $90,000 for 2005, up from $ 87,900 in 2004. The FICA rate remains the same: 7.65% for employees and 15.3% for self-employed individuals. The Social Security portion is 6.2% of wages up to the wage base. The Medicare portion is 1.45% (2.9% for self-employed) of wages with no ceiling.
– The wage base is $87,000 for 2003, up from $84,900 in 2002. The FICA rate remains the same: 7.65% for employees and 15.3% for self-employed individuals. The Social Security portion is 6.2% of wages up to the wage base. The Medicare portion is 1.45% (2.9% for self-employed) of wages with no ceiling.
