Page 11 - 2019 Social Security Cheat Sheet
P. 11
Calculating Social Security Taxes
Current Social Security taxes total 12.4%, with 6.2% paid by the employee and
employer through matching payroll taxes. The tax rate remains unchanged from
2018. If you are self employed, both portions are paid on “Schedule SE”. For 2019,
total earnings subject to Social Security taxes will increase from $128,400 to
$132,900. For the 2019 tax year, the maximum Social Security tax paid per
individual is $8,240, paid by both employee and employer. Here is a historical
comparison of maximum taxable earnings.
2018 Max:
$128,400
2019 Max:
$132,900
Source: Benefits Planner: Maximum Taxable Earnings. Social Security Administration.
https://www.ssa.gov/planners/maxtax.html. Last Accessed October, 2018.
