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As an employer, you’re only responsible for matching 1.45% of the first $200,000.
- Social Security Tax: Withhold 6.2% of each employee’s taxable wages up to $168,600 for the year. If an employee makes more than $168,600, any salary above this amount is exempt.
- Medicare Tax: Withhold 1.45% of each employee’s taxable wages up to $200,000 for the year. If an employee makes more than $200,000, an Additional Medicare Tax (super original name, right?) of 0.9% should be withheld.
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