Social security withholding limit

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Social security withholding limit

https://www.ssa.gov/news/press/factsheets/colafacts2016.html

Social security withholding limit

...to do the math for a W-2 employee
....for SS withholding on a W-2, its 6.2 % on up-to 118,500, ...and that is $7347
...For W-2 medicare withholding it's 1.45% on everything with no upper limit

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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