2018
| PAYROLL TAXES | ||
| Social Security | Medicare | |
| Employee | 6.2% of first $128,400 of income | 1.45% |
| Self-Employed | 12.4% of first $128,400 of income | 2.90% |
| Individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9% in Medicare taxes. The tax rates shown above do not include the 0.9%. | ||
More information regarding this and other tax data can be found in our 2018 Federal Tax Reference Guide
2017
| SINGLE | |||
| Maximum Earnings Before Social Security Benefits Are Reduced | |||
| Less than Full Retirement Age (lose $1 for every $2 earned) |
$16,920 | ||
| Year of Retirement Age (lose $1 for every $3 earned) |
$44,880 | ||
| At Full Retirement Age | No Limit | ||
| Payroll Taxes | |||
| Employed/Self-Employed | $ | Social Security | Medicare |
| Employee | Initial $200k | 6.2% of first $127,200 of income | 1.45% |
| Employee | AGI1 > $200k | 6.2% of first $127,200 of income | 2.35% |
| Self-Employed | Initial $200k | 12.4% of first $127,200 of income | 2.9% |
| Self-Employed | AGI1 > $200k | 12.4% of first $127,200 of income | 3.8% |
1AGI = Adjusted Gross Income
| MARRIED FILING SEPARATELY | |||
| Maximum Earnings Before Social Security Benefits Are Reduced | |||
| Less than Full Retirement Age (lose $1 for every $2 earned) |
$16,920 | ||
| Year of Retirement Age (lose $1 for every $3 earned) |
$44,880 | ||
| At Full Retirement Age | No Limit | ||
| Payroll Taxes | |||
| Employed/Self-Employed | $ | Social Security | Medicare |
| Employee | Initial $125k | 6.2% of first $127,200 of income | 1.45% |
| Employee | AGI1 > $125k | 6.2% of first $127,200 of income | 2.35% |
| Self-Employed | Initial $125k | 12.4% of first $127,200 of income | 2.9% |
| Self-Employed | AGI1 > $125k | 12.4% of first $127,200 of income | 3.8% |
1AGI = Adjusted Gross Income
| MARRIED FILING JOINTLY | |||
| Maximum Earnings Before Social Security Benefits Are Reduced | |||
| Less than Full Retirement Age (lose $1 for every $2 earned) |
$16,920 | ||
| Year of Retirement Age (lose $1 for every $3 earned) |
$44,880 | ||
| At Full Retirement Age | No Limit | ||
| Payroll Taxes | |||
| Employed/Self-Employed | $ | Social Security | Medicare |
| Employee | Initial $250k | 6.2% of first $127,200 of income | 1.45% |
| Employee | AGI1 > $250k | 6.2% of first $127,200 of income | 2.35% |
| Self-Employed | Initial $250k | 12.4% of first $127,200 of income | 2.9% |
| Self-Employed | AGI1> $250k | 12.4% of first $127,200 of income | 3.8% |
1AGI = Adjusted Gross Income
| HEAD OF HOUSEHOLD | |||
| Maximum Earnings Before Social Security Benefits Are Reduced | |||
| Less than Full Retirement Age (lose $1 for every $2 earned) |
$16,920 | ||
| Year of Retirement Age (lose $1 for every $3 earned) |
$44,880 | ||
| At Full Retirement Age | No Limit | ||
| Payroll Taxes | |||
| Employed/Self-Employed | $ | Social Security | Medicare |
| Employee | Initial $200k | 6.2% of first $127,200 of income | 1.45% |
| Employee | AGI1 > $200k | 6.2% of first $127,200 of income | 2.35% |
| Self-Employed | Initial $200k | 12.4% of first $127,200 of income | 2.9% |
| Self-Employed | AGI1 > $200k | 12.4% of first $127,200 of income | 3.8% |
1AGI = Adjusted Gross Income
The information presented here is not intended to be a comprehensive analysis. Chernoff Diamond is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax and related regulation.
