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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
The usual rate for Social Security tax is 6.2 percent of your gross wages, including tips, bonuses and other compensation. This means your employer withholds 6.2 percent of your gross pay before withholding allowances are subtracted. For example, if your gross pay is $500, you pay $31 in Social Security tax.In 2011 and 2012, Congress temporarily lowered the Social Security tax rate for employees to 4.2 percent. You had to pay Social Security tax on the first $110,100 of gross income as of 2012.his means your employer withholds 6.2 percent of your gross pay before withholding allowances are subtracted. For example, if your gross pay is $500, you pay $31 in Social Security tax.