FICA Tax Calculator
Calculate your FICA taxes including Social Security and Medicare. Choose between employee and self-employed calculations for 2024.
FICA Tax Summary
Tax Breakdown
Current Tax Rates (2024)
Understanding FICA Taxes
FICA (Federal Insurance Contributions Act) taxes fund Social Security and Medicare programs. These taxes are mandatory for most workers and employers, with different rates and calculations for employees and self-employed individuals.
FICA Tax Components
Social Security Tax
6.2% of wages up to the wage base limit
- Employee pays 6.2%
- Employer pays 6.2%
- Total: 12.4%
- Wage base: $168,600 (2024)
Medicare Tax
1.45% of all wages, plus additional Medicare tax
- Employee pays 1.45%
- Employer pays 1.45%
- Total: 2.9%
- No wage base limit
Employee vs. Self-Employed
| Tax Component | Employee | Self-Employed |
|---|---|---|
| Social Security | 6.2% (matched by employer) | 12.4% (self-employment tax) |
| Medicare | 1.45% (matched by employer) | 2.9% (self-employment tax) |
| Additional Medicare | 0.9% over $200,000 (single) | 0.9% over $200,000 (single) |
| Total Rate | 7.65% (employee portion) | 15.3% (self-employment tax) |
Additional Medicare Tax
The Additional Medicare Tax applies to wages and self-employment income over certain thresholds. This tax helps fund Medicare and is in addition to the regular Medicare tax.
Additional Medicare Tax Thresholds (2024)
Single Filers
$200,000
Married Filing Jointly
$250,000
Married Filing Separately
$125,000
Head of Household
$200,000
FICA Tax Benefits
Social Security Benefits
- Retirement benefits
- Disability benefits
- Survivor benefits
- Based on earnings history
Medicare Benefits
- Hospital insurance
- Medical insurance
- Prescription drug coverage
- Available to most Americans 65+
Self-Employment Tax Deduction
Self-employed individuals can deduct half of their self-employment tax on their federal income tax return. This deduction helps offset the higher tax rate self-employed workers pay.
Self-Employment Tax Deduction
You can deduct 50% of self-employment tax paid
Example: $10,000 self-employment tax = $5,000 deduction
Reduces your adjusted gross income
Key Takeaways
- FICA taxes include Social Security (6.2%) and Medicare (1.45%) taxes
- Employees pay 7.65% total FICA tax (matched by employers)
- Self-employed pay 15.3% self-employment tax (but can deduct half)
- Social Security tax applies only up to the wage base ($168,600 in 2024)
- Medicare tax has no wage base and includes additional tax for high earners
- FICA taxes fund Social Security and Medicare programs
- Additional Medicare Tax applies to wages over $200,000 (single filers)
- Self-employed individuals get a tax deduction for half their self-employment tax