In 2011, the employee(s)’ contribution rate for Social Security withholding has been reduced from 6.2% to 4.2%. This would give them an additional $2.00 per $100.00 of their gross pay. The emloyee(s)’ contribution rate for Medicare Withholding has not change it will remain at 1.45%. The employers 2011 contribution rate will remain the same at 6.2% and 1.45% respectively. Please note that the Social Security Withholding is limited to gross up to $106,800 and there is no limited contribution for Medicare for both employers and employees.
****Maximum Social Security Contribution = $6,621.60 (employer) / $4485.60 (employee)****