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Social Security Taxable Wage Base Rises for 2001 The combined Social Security and Medicare tax rate remains at 7.65% for 2001. However, the Social Security taxable wage base (for the 6.2% Social Security portion of the tax) rises from $76,200 in 2000 to $80,400 in 2001. The Medicare portion of the rate remains 1.45% and applies to all wages. There is no maximum on the Medicare portion. The employee pays 7.65% on the first $80,400 and 1.45% on earnings over $80,400. Both of the tax payment figures are matched by the employer. If you are self-employed, these rates are doubled. (10/2000: Howard Parker – Helpline. Social Security Commissioner Announces a 3.5% Social Security Increase for 2001 Medicare Premium Amounts for 2001
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