Fica And Medicare Tax Rate 2024 Employer. For 2024, an employee will pay: This brings the total fica tax rate to 15.3%.
This brings the total fica tax rate to 15.3%. The rate of social security tax on taxable wages is 6.2% each for the employer and employee.
Fica Is A 15.3% Payroll Tax That Funds Social Security And Medicare.
For 2024, an employee will pay:
Employees And Employers Split The Total Cost.
Employers are legally obligated to withhold 6.2% for social security taxes and 1.45% for medicare taxes from an employeeโs gross wages.
Fica And Medicare Tax Rate 2024 Employer Images References :
6.2% For The Employee Plus 6.2% For The Employer;
This brings the total fica tax rate to 15.3%.
Employers Must Match This Tax As Well.
This is your definitive guide to understanding the fica tax rate for 2024.