FICA Tax Calculator
US Social Security & Medicare tax.
Social Security (6.2%) + Medicare (1.45%) up to the wage cap.
How the Math Works
FICA taxes consist of two components: Social Security and Medicare. Social Security is calculated at 6.2% of your income up to the annual wage base limit ($168,600 in 2024), after which no additional Social Security tax applies. Medicare is taxed at 1.45% with no income cap, plus an extra 0.9% for individuals earning over $200,000 annually or $250,000 for married couples. The total FICA tax is the sum of these two components, split equally between employee and employer contributions for Social Security and Medicare.
Practical Applications
To use this calculator, input your annual income to determine your FICA tax liability. The tool will automatically apply the Social Security tax rate to your income up to the wage base limit and calculate Medicare taxes on your full income, including any additional 0.9% if applicable. This helps employees understand paycheck deductions and self-employed individuals calculate their self-employment tax obligations, which include both the employee and employer portions of FICA.
Day-to-Day Use
Understanding your FICA tax helps with financial planning by clarifying how much of your paycheck supports Social Security and Medicare benefits. It also aids in budgeting for retirement and healthcare costs, as these taxes directly fund programs that provide income security and medical coverage. For high earners, recognizing the additional Medicare tax ensures accurate tax withholding and avoids unexpected tax liabilities when filing returns.
FAQ
Self-employed?
You pay both halves — about 15.3%.