Hodney Whitaker earns $123,732 annually and is paid monthly. How much Social Security tax will be deducted from his December earnings? How much Medicare tax will be deducted from his December eamnings? The Social Security tax rate was 6.2% of wages up to a maximum annual wage of $118,500. The Medicare tax rate was 1.45% of wages up to a maximum annual wage of $200,000. The Social Security taxis 3 314.90 for his December eamings. (Round to the nearest cent as needed.) The Medicare tax is $|:| for his December earnings. (Round to the nearest cent as needed )