What is the FICA tax rate (Social Security & Medicare)?

The Social Security and Medicare taxes are collectively known as FICA (the Federal Insurance Contributions Act). Different rates apply for each of these taxes. 

The current FICA tax rate is 7.65%, broken down as follows:

  1. Social Security

    • Social Security tax rates are withheld at a flat 6.2% each for the employee and employer.

    • Reference the wage base limit for the current year's amount. This represents the maximum wage subject to that calendar year's tax.

  2. Medicare

    • Withheld at a flat rate of 1.45% each for the employee and employer per the Social Security and Medicare tax rates website.

    • There is no wage base limit for Medicare tax. All covered wages are subject to Medicare tax. 

    • .9% applied on wages over $200,000 based on the taxpayer's filing status.

    • There is no employer match for Additional Medicare Tax.

View this FAQ to learn about exemptions from FICA withholding.

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Article ID: 2349
Created
Fri 11/17/23 2:40 PM
Modified
Fri 12/15/23 3:22 PM