Dr. Josef Young earns an adjusted gross weekly income of $2,435. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. Question content area bottom Part 1 The Social Security tax is $ The Medicare tax is $ Type an integer or a decimal. Round to the nearest cent as needed.