Social security and Medicare tax for 2016 Preview on Page 1

Social security and Medicare tax for 2016-2026

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  1. Click ‘Get Form’ to open the Social Security and Medicare tax for 2016 document in the editor.
  2. Begin by entering the number of agricultural employees on line 1. This should reflect all employees on your payroll during the relevant pay period.
  3. For line 2, input the total cash wages subject to social security tax that you paid to your employees for farmwork during the year. Ensure this amount is before any deductions.
  4. On line 4, enter the total cash wages subject to Medicare tax, again before deductions. Remember, there is no limit on wages subject to Medicare tax.
  5. Calculate and enter the social security tax on line 3 by multiplying the amount from line 2 by 12.4%. For line 5, calculate Medicare tax by multiplying the amount from line 4 by 2.9%.
  6. Complete lines for federal income tax withheld (line 8) and any additional taxes as required. Review all entries for accuracy before finalizing.

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Related links

2017 Publication 554

Jan 23, 2018 Your wages are subject to withholding for income tax, social security tax, and. Medicare tax even if you are receiving social security ben-.Read more

Learn more
2016 Payroll Tax Updates

Feb 2, 2016 Medicare Tax Rate: The Medicare tax rate remains at 1.45% in 2016 for wages under $200,000. Wages in excess of $200,000 are taxed at 2.35%. PARead more

Learn more
2016 Publication 15

Dec 23, 2015 Social security and Medicare tax for 2016. The social security tax rate is 6.2% each for the employee and em- ployer, unchanged from 2015Read more

Learn more
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