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Determining Taxable Amount. If your base income exceeds the limit for your filing group, you'll have to pay taxes on some of your Social Security benefits. If you're a single filer and your base income is between $25,000 and $34,000, you'll have to pay tax on up to 50 percent of your Social Security benefits.
The Social Security tax is calculated as a fixed percentage of your gross pay. Usually the Social Security tax rate is 6.2 percent, but for 2011 and 2012, Congress lowered the rate for employees to 4.2 percent.There is an annually adjusted income cap. For example, in 2012 the cap increased from $106,800 to $110,100.ike Social Security tax, the Medicare tax is a fixed percentage of your gross pay. The percentage rate is 1.45 percent. There is no income cap for Medicare tax, so all of your gross pay is subject to this tax. Your employer pays another 1.45 percent.