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What is the 2013 Social Security Tax Rate?

Aug. 27, 2013
Investing
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Social Security is a government program that taxes income to pay benefits to retirees and the disabled. Payments into the system are collected as a percentage of taxable income up to the taxable income cap. For 2013, the Social Security tax rate is 6.2% of income up to $113,700. Additionally, employers pay the same 6.2% of their employee’s income into the system for a total contribution of 12.4%. The self-employed must pay both the employee and employer contribution for a total of 12.4%. For more information, please visit the Social Security official website.

Social Security Tax Rates

Year Employee Rate Employer Rate Self-Employed Rate Taxable Income Cap
2013 6.20% 6.20% 12.40% $113,700
2012 4.20% 6.20% 10.40% $110,100
2011 4.20% 6.20% 10.40% $106,800
2010 6.20% 6.20% 12.40% $106,800
2009 6.20% 6.20% 12.40% $106,800
2008 6.20% 6.20% 12.40% $102,000
2007 6.20% 6.20% 12.40% $97,500
2006 6.20% 6.20% 12.40% $94,200
2005 6.20% 6.20% 12.40% $90,000

Medicare is a government program that provides medical benefits to Americans 65 and over and to the disabled. The 2013 Medicare tax rate is 1.45% of all taxable income with no cap. Employers also contribute 1.45% of employees’ taxable income for a total of 2.9%. Additionally, individuals earning over $200k and married couples earning over $250k are taxed an additional 0.9% on all income over that level.

Medicare Tax Rates

Year Employee Rate Employer Rate Self-Employed Rate Taxable Income Cap
2013* 1.45% 1.45% 2.90% All Income Taxable
2013* 0.90% 0.90% All income over $200k ($250k married)
2012 1.45% 1.45% 2.90% All Income Taxable
2011 1.45% 1.45% 2.90% All Income Taxable
2010 1.45% 1.45% 2.90% All Income Taxable
2009 1.45% 1.45% 2.90% All Income Taxable
2008 1.45% 1.45% 2.90% All Income Taxable
2007 1.45% 1.45% 2.90% All Income Taxable
2006 1.45% 1.45% 2.90% All Income Taxable
2005 1.45% 1.45% 2.90% All Income Taxable

*2013: Base rate of 1.45% plus 0.9% additional tax on income over $200k ($250k married)

For more information on other 2013 Tax Rates, see NerdWallet’s article on 2013 Capital Gains Tax Rates.