Medicare Tax Rate 2024 Irs. Tips were federally taxed before vice president kamala harris voted in favor of the inflation reduction act in 2022. Unlike the social security tax, medicare tax has no.
There is an additional 0.9% surtax on top of the standard 1.45% medicare tax for those who earn over $200,000 (single filers), $250,000 (joint filers) or $125,000. The rate of social security tax on taxable wages is 6.2% each for the employer and employee.