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The current tax rate for Social Security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Refer to Publication 15 (Circular E), Employer's Tax Guide for more information.
FICA is a 15.3% payroll tax that funds Social Security and Medicare. Employees and employers split the total cost.
For 2024, the FICA tax rate for both employers and employees is 7.65% (6.2% for OASDI and 1.45% for Medicare). For 2024, an employer must withhold: 6.2% Social Security tax on the first $168,600 of employee wages (maximum tax is $10,453.20; i.e., 6.20% × $168,600), plus;
Social security and Medicare tax for 2024. The rate of social security tax on taxable wages is 6.2% each for the employer and employee. The social security wage base limit is $168,600. The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2023. There is no wage base limit for Medicare tax.
The rate of social security tax on taxable wages is 6.2% each for the employer and employee. The social security wage base limit is $168,600.The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2023.
The OASDI tax rate for wages paid in 2025 is set by statute at 6.2 percent for employees and employers, each. Thus, an individual with wages equal to or larger than $176,100 would contribute $10,918.20 to the OASDI program in 2025, and his or her employer would contribute the same amount.
2024 FICA tax rates. According to the IRS, FICA taxes include old-age, survivors and disability insurance taxes (Social Security) and hospital insurance taxes (Medicare). Different rates apply for each. Social Security
Earnings Required for a Quarter of Coverage in 2024: $1,730 ($6,920 for four) Full Retirement Age (FRA) (by Year of Birth): 1938 - 65/2 mos. 1942 - 65/10 mos. 1957 - 66/6 mos.
Fact Sheet. SOCIAL SECURITY. 2024 SOCIAL SECURITY CHANGES. Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2022 through the third quarter of 2023, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 3.2 percent COLA for 2024.
What is the employer FICA rate for 2024? The employer FICA rate is 7.65% in 2024. Employees pay an additional 7.65% FICA tax, and self-employed workers pay the full 15.3%.