FINANCIAL CALCULATORS
FICA Tax Calculator
Calculate your FICA tax obligations for Social Security and Medicare contributions.
What is the FICA Tax Calculator & How does it work?
FICA, or Federal Insurance Contributions Act, is a payroll tax in the United States that funds Social Security and Medicare programs. Employers and employees each contribute to this fund, with the total contribution rate being split between these two programs.
The Social Security portion of FICA is currently 6.2% for both employers and employees, while the Medicare portion is 1.45% for both. There are also additional Medicare taxes on higher income levels.
The Social Security portion of FICA is currently 6.2% for both employers and employees, while the Medicare portion is 1.45% for both. There are also additional Medicare taxes on higher income levels.
FICA_Tax = (Wage times Social_Security_Rate) + (Wage times Medicare_Rate)
Wage = Annual income
Social_Security_Rate = 6.2%
Medicare_Rate = 1.45%
Social_Security_Rate = 6.2%
Medicare_Rate = 1.45%
Parameters
FICA Tax—
Frequently Asked Questions
What is FICA tax?
FICA tax is a payroll tax in the United States that funds Social Security and Medicare programs. Employers and employees each contribute to this fund.
How much do I pay for FICA tax?
The current contribution rate is 6.2% for Social Security and 1.45% for Medicare, with additional Medicare taxes on higher income levels.
Does my employer also pay FICA tax?
Yes, both employers and employees contribute to the FICA tax fund.
What is the Social Security portion of FICA tax?
The Social Security portion of FICA tax is currently 6.2% for both employers and employees.
What is the Medicare portion of FICA tax?
The Medicare portion of FICA tax is currently 1.45% for both employers and employees, with additional taxes on higher incomes.
How do I calculate my FICA tax?
Multiply your wages by the Social Security rate (6.2%) and add the result to your wages multiplied by the Medicare rate (1.45%).
Is there a maximum wage subject to FICA tax?
Yes, there is a maximum wage base for Social Security, above which no additional Social Security tax is paid.
Results are for informational purposes only and do not constitute professional advice.