Calculate FICA taxes including Social Security, Medicare, and additional Medicare tax. Works for both employees and self-employed.
FICA stands for Federal Insurance Contributions Act. It funds Social Security and Medicare. Employees pay 7.65% and employers match, totaling 15.3%. Self-employed pay both halves.
For 2024, Social Security tax applies only to the first $168,600 of income. Earnings above this cap are not subject to Social Security tax, though Medicare has no cap.
An additional 0.9% Medicare tax applies to earnings above $200,000 (single) or $250,000 (married filing jointly). This applies to both employees and self-employed individuals.