FICA & Payroll Tax Calculator
Calculate your FICA payroll tax obligations, including Social Security and Medicare taxes.
Understanding FICA Taxes
The Federal Insurance Contributions Act (FICA) mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs.
How FICA is Calculated
For W-2 employees, the FICA tax consists of two parts:
- Social Security Tax: 6.2% of your gross earnings, up to the wage base limit (e.g., $168,600 for 2024). Your employer pays an additional 6.2%.
- Medicare Tax: 1.45% on all earnings with no wage limit. Your employer pays an additional 1.45%.
Self-Employment Tax
If you are self-employed, you are responsible for paying both the employee and employer portions of FICA, which is a combined 15.3%.
Frequently Asked Questions
Is there an additional Medicare tax?
Yes, single earners making over $200,000 (and married couples over $250,000) are subject to an Additional Medicare Tax of 0.9% on earnings above those thresholds.
Disclaimer: This calculator is for educational and informational purposes only. It is not a substitute for professional financial advice. Results are estimates based on the information provided and may not reflect actual outcomes. Please consult with a qualified financial advisor, accountant, or tax professional before making any financial decisions. Past performance does not guarantee future results.