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Home > CFP® Certification > Review Program > Study Tips > Selected Facts and Figures > Employment Taxes

Employment Taxes
Employment Taxes
(Testing 2007 numbers since it is part of Retirement Planning - Topic 60)		 2008
Social security tax rate
Employer's portion 6.2%
Employee's portion 6.2%
Total for self-employed individual 12.4%
 
Maximum amount of earnings subject to social security taxes 102,000
 
Medicare tax rate
Employer's portion 1.45%
Employee's portion 1.45%
Total for self-employed individual 2.9%
 
Maximum amount of earnings subject to social security taxes Unlimited
 
Medicare tax rate
Employer's portion 7.65%
Employee's portion 7.65%
Total for self-employed individual 15.3%
 
Percentage of self employment earnings subject to SE taxes 92.35%
 
Percentage of SE taxes deducted above-the-line 50%
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Topic List for CFP® Certification Examination Copyright © 2005-2006, Certified Financial Planner Board of Standards, Inc. All rights reserved. Used with permission.

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