Fica Tax Rate 2024. For 2024, the social security tax rate is 6.2% (amount withheld) each for the employer and employee (12.4% total). It remains the same as 2023.
You’re responsible for paying half of this total medicare tax amount (1.45%) and your employer is responsible for the other. Fica stands for federal insurance contributions act;
The Social Security Wage Base Has Increased From $160,200 To $168,600 For 2024, Which Increases The Maximum Individual Contribution By 5.2%.
For 2024, the irs has set the fica limit at $160,200.
Fica Taxes Are Paid On Ordinary Earned Income (And Not On Investment Or Passive Income), And They Are Paid.
For 2024, the social security tax rate is 6.2% (amount withheld) each for the employer and employee (12.4% total).
Fica Tax Rate 2024 Images References :
The Rate Is For Both Employees And Employers, According To The Internal Revenue Code.
There is an additional 0.9% surtax on top of the standard 1.45% medicare tax for those who earn over $200,000 (single filers), $250,000 (joint filers) or $125,000 (married.