However, did you know that there is a limit on how much Social Security tax a person pays?Currently the Social Security wage cap is $110,100 (up from $106,800 in 2010) at a tax rate of 4.2 percent (down from 6.2 percent through the end of the 2012 unless extended) paid by the employee and 6.2 percent paid by the employer.So let???s break this down.