2024 FICA Tax Rates
| Tax | Employee Rate | Wage Base |
|---|---|---|
| Social Security | 6.2% | $168,600 |
| Medicare | 1.45% | No limit |
| Additional Medicare | 0.9% | Over $200K |
Payroll Tax Calculator
Estimate your take-home pay after federal income tax, Social Security (6.2%), and Medicare (1.45%) deductions. Enter your gross pay to see a detailed paycheck breakdown for any pay period.
Take-Home Pay Estimator
Frequently Asked Questions
What is FICA?
FICA stands for Federal Insurance Contributions Act. It covers Social Security (6.2%) and Medicare (1.45%) taxes, totaling 7.65% of gross wages. Your employer matches this amount. Self-employed individuals pay both halves (15.3%) as self-employment tax.
Why does my take-home pay differ from this estimate?
This calculator estimates federal taxes only. Your actual take-home pay may differ due to: state income taxes, local taxes, health insurance premiums, 401(k) contributions, FSA/HSA deductions, garnishments, and withholding elections on your W-4. Use this as a rough guide and verify with your employer's payroll system.
What payroll taxes cover
Payroll taxes are separate from income tax and fund specific programmes. FICA comprises two components:
- Social Security — 6.2% from the employee, matched 6.2% by the employer, applied to wages up to an annual cap that is adjusted most years
- Medicare — 1.45% each from employee and employer, with no cap, plus an additional employee surtax above a high income threshold
So an employee pays 7.65% combined up to the Social Security cap, and the employer pays the same again.
The employer side is real compensation
The employer's matching 7.65% never appears on a pay stub, but it is part of the cost of employing you. This is why self-employment tax runs at roughly double the employee rate — a self-employed person pays both halves.
A partial deduction for the employer-equivalent portion offsets some of that on a self-employment return.
The wage cap
Social Security stops being withheld once wages pass the annual cap, so high earners see take-home rise partway through the year. Medicare continues on all wages.
If you change jobs mid-year, each employer applies the cap independently, which can result in over-withholding — recoverable when you file.
Unemployment taxes
FUTA and state unemployment taxes are generally employer-paid and do not appear as employee deductions, though a small number of states require an employee contribution.
Payroll tax versus income tax
Payroll tax is a flat rate on wages up to a cap. Income tax is progressive and depends on filing status, deductions and total income from all sources. They are withheld together but calculated entirely separately.
Rates and thresholds change; confirm current figures with the IRS or your state agency.