Social Security Information
Social Security Rates
The Federal Insurance Contributions Act (FICA) is made up of two items, Social Security and Medicare taxes. For 2024, the Social Security tax rate is 6.2% on the first $168,600 wages paid. The Medicare tax rate is 1.45% on the first $200,000 and 2.35% above $200,000.
General Information
Federal Regulations require withholding FICA taxes from all employee wage payments except:
- Wages earned by students who are enrolled at Iowa State University and are at least half-time students are exempt. Students attain half-time status by enrolling in at least 6 credit hours during the fall and spring semesters, and 3 credit hours during the summer session. Wages earned during the summer months by students not registered in summer classes are subject to Social Security and Medicare withholding.
- Nonresident aliens on F-1or J-1 visas are exempt from Social Security and Medicare withholdings for a limited time. Nonresident aliens should go to the International Students and Scholars Office at 3248 Memorial Union to sign a FICA exemption form.
- Federal Employees - In general, federal employees working continuously for the federal government since 12-31-83 or earlier and who are covered by a retirement system (CSRS) are exempt from the OASDI portion of Social Security. However, such service is not exempt from the Medicare portion of FICA.
A Social Security card must be presented to the Human Resource representative at the time an employee signs up as a new employee at Iowa State University. If you do not have a Social Security number, you must contact the Social Security Administrative Office to apply for a number.
| Year | OASDI Base | OASDI Rate | OASDI Max | Medicare |
| 2024 | $168,600 | 6.2% | $10,453.20 | 1.45% on first $200,000 2.35% above $200,000 |
| 2023 | $160,200 | 6.2% | $9,932.40 | 1.45% on first $200,000 2.35% above $200,000 |
| 2022 | $147,000 | 6.2% | $9,114.00 | 1.45% on first $200,000 2.35% above $200,000 |
| 2021 | $142,800 | 6.2% | $8,853.60 | 1.45% on first $200,000 2.35% above $200,000 |
| 2020 | $137,700 | 6.2% | $8,537.40 | 1.45% on first $200,000 2.35% above $200,000 |
| 2019 | $132,900 | 6.2% | $8,239.80 | 1.45% on first $200,000 2.35% above $200,000 |
| 2018 | $128,400 | 6.2% | $7,960.80 | 1.45% on first $200,000 2.35% above $200,000 |
2017
| $127,200 | 6.2% | $7,886.40 | 1.45% on first $200,000 2.35% above $200,000 |
| 2016 | $118,500 | 6.2% | $7,347.00 | 1.45% on first $200,000 2.35% above $200,000 |
| 2015 | $118,500 | 6.2% | $7,347.00 | 1.45% on first $200,000 2.35% above $200,000 |
| 2014 | $117,000 | 6.2% | $7,254.00 | 1.45% on first $200,000 2.35% above $200,000 |
| 2013 | $113,700 | 6.2% | $7,049.40 | 1.45% on first $200,000 2.35% above $200,000 |
| 2012 | $110,100 | 4.2% | $4,624.20 | 1.45% |
| 2011 | $106,800 | 4.2% | $4,485.60 | 1.45% |
| 2010 | $106,800 | 6.2% | $6,621.60 | 1.45% |
| 2009 | $106,800 | 6.2% | $6,621.60 | 1.45% |
| 2008 | $102,000 | 6.2% | $6,324.00 | 1.45% |
| 2007 | $97,500 | 6.2% | $6,045.00 | 1.45% |
| 2006 | $94,200 | 6.2% | $5,840.40 | 1.45% |
| 2005 | $90,000 | 6.2% | $5,580.00 | 1.45% |
| 2004 | $87,900 | 6.2% | $5,394.00 | 1.45% |
| 2003 | $87,000 | 6.2% | $5,394.00 | 1.45% |
| 2002 | $84,900 | 6.2% | $5,263.80 | 1.45% |
| 2001 | $80,400 | 6.2% | $4,984.80 | 1.45% |
| 2000 | $76,200 | 6.2% | $4,724.40 | 1.45% |
| 1999 | $72,600 | 6.2% | $4,501.20 | 1.45% |
| 1998 | $68,400 | 6.2% | $4,240.80 | 1.45% |
| 1997 | $65,400 | 6.2% | $4,054.80 | 1.45% |
| 1996 | $62,700 | 6.2% | $3,877.40 | 1.45% |
| 1995 | $61,200 | 6.2% | $3,794.40 | 1.45% |
| 1994 | $60,600 | 6.2% | $3,757.20 | 1.45% |
Summary
The Social Security Administration (SSA) uses the Social Security Number plus the first 7 (seven) characters of an employee's last name on the Form W-2 to post Social Security Wages and Tips to a worker's Social Security earnings record. Billions of dollars have not been posted to employee's Form W-2's due to number mismatches. Please, make sure that the information you provide Iowa State University and the SSA is correct and current.
The general information help line for the SSA is 1-800-772-1213.
If you change your name on your Social Security card, you must present your new card to the Human Resources Department in 3810 Beardshear so they can change your records to the correct name.