Medicare / Social Security Tax Calculators, Software, Tools, Guides, 2018 - 2019

Social Security Tax Calculator

Calculate your Social Security federal tax liability for accurate tax payment contributions.

Social Security is financed through the federal tax system and dedicated payroll taxes. Employers and employees are each required to pay 6.2 percent on wages earned up to the phase out income amount of $128,400 on 2018 earnings.

Our free Social Security calculator below allows consumers to Calculate Federal Social Security Taxes based on their earned income.

The Social Security Administration is a government system that was formed August 14, 1935. It was put in place to provide monetary assistance to people with inadequate or no income, and benefits to retired people and those who are unemployed or disabled. It is a federal insurance program that taxpayers are require to financially support throughout their working life.

For current 2018 - 2019 tax purposes, the Social Security tax rate on individual taxpayers is 6.20% on earned income up to the current applicable maximum taxable earnings amount of $128,400. Employers are required to pay the same amount as well on each employee. For self employed individuals, you are required to pay both shares as your own employer for a Social Security tax rate.

The proper amount should be withheld by the employer from each employee paycheck for their Social Security tax contribution.

If you have deductions or would like a more accurate calculation of all taxes due, use the Free TurboTax or H&R Block calculators to calculate all federal income tax liabilities.

Calculate Social Security Tax Liability

How The Social Security Tax Rate Is Determined

The Cost-of-Living Adjustment (COLA):

Monthly Social Security and Supplemental Security Income (SSI) taxes are adjusted based on the Consumer Price Index (CPI-W). Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program influences Social Security payment requirements by imiting the amount of earnings that are subject to this taxation for any given year.

The annual limit applies when those earnings are used in a benefit computation as well. This limit is subject to changes each year based on the national average wage index. This is know as (the contribution and benefit base).

Our Social Security tax calculator above is designed to take the guess work out of tax payments and keep you on target for proper end of year IRS tax balances. Nobody likes surprise tax bills!

While the tax rate has remained the same in recent years, the tax brackets continue to nudge up increasing the amount of Social Security taxes, along with Medicare taxes and Income taxes that are being paid by individual taxpayer throughout the year.

Historical Social Security Tax Rates

SS tax rates below are based on earnings up to a certain amount for each year. View the Social Security Historical Taxed Earnings chart. More recent years taxed earnings are 2013 - $113,700, 2014 - $117,000, 2015 - $118,500, 2016 - $118,500, 2017 - $127,200, 2018 - $128,400

Tax rates as a percent of taxable earnings
Calendar year for employees
and employers, each
for self-employed workers
1937-49 1.000 --
1950 1.500 --
1951-53 1.500 2.250
1954-56 2.000 3.000
1957-58 2.250 3.375
1959 2.500 3.750
1960-61 3.000 4.500
1962 3.125 4.700
1963-65 3.625 5.400
1966 3.850 5.800
1967 3.900 5.900
1968 3.800 5.800
1969-70 4.200 6.300
1971-72 4.600 6.900
1973 4.850 7.000
1974-77 4.950 7.000
1978 5.050 7.100
1979-80 5.080 7.050
1981 5.350 8.000
1982-83 5.400 8.050
1984 5.700 11.400
1985 5.700 11.400
1986-87 5.700 11.400
1988-89 6.060 12.120
1990 and later 6.200 12.400

How The Social Security Benefits Payout Works

Every year, Social Security calculates the automatic cost-of-living adjustment that beneficiaries will receive in the following year. This Social Security COLA, Cost Of Living Adjustment is the method used to keep inflation and benefits in line with each other for Social Security and Supplemental Security Income benefit purposes.