For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee : Employer: OASDI 6.2% on first $117,000 earned: Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $117,000 earned per employee; Medicare: 1.45% on all earnings, FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee