| What is the Social Security Wage Base for 2008?
The Social Security Wage Base rises to $102,000 in Tax Year 2008. That's an increase of $4,500 from Tax Year 2007 representing an tax increase of $279 for the taxpayers earning in excess of $102,000. Fortunately, the FICA and Medicare tax rates remain unchanged at 6.2% and 1.45% respectively.
For the Self-Employed this means that they will still pay 15.3% on the first $102,000 of their net earnings and 2.9% above that amount.
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