(For the years 2012 and 2011, the employee's Social Security tax rate was temporarily reduced to 4.2%. In those years the wage limits were slightly lower since they are adjusted annually for the change in the national average wage index.)
The Social Security tax is one component of what is known as the FICA payroll tax. The other component is the Medicare tax, which applies to every dollar of an employee's wages, salaries, etc. In other words, there is no wage limit or cap for the Medicare tax.
In addition to the employee's Social Security tax, there is also an employer's Social Security tax.
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