Social Security Tax
- For 2017, the employee tax rate for Social Security is 6.2%
- The Social Security Wage Base Limit is $127,200 for 2017; Social Security Tax will only be collected on the first $127,200 earned.
The Medicare tax rate will remain at 1.45%; there is no wage base limitfor Medicare tax. The 0.9% Additional Medicare Tax will be withheld from the wages of those earning more than $200,000 in a calendar year.
Effective January 1, 2017, the standard mileage rates for the costs of operating a car for business purposes are:
- 53.5 cents per mile per business miles driven (a decrease of .5 cents from 2016)
- 17 cents per mile driven for moving expenses (a decrease of 2 cents from 2016)