FICA Tax Calculator 2024
Calculate your Federal Insurance Contributions Act (FICA) taxes with detailed breakdown. Understand your Social Security and Medicare tax obligations for accurate financial planning.
Calculate Your FICA Tax
Understanding FICA Taxes
FICA taxes are mandatory payroll taxes that fund Social Security and Medicare programs. These taxes are split between employees and employers, with self-employed individuals paying both portions. Understanding your FICA tax liability is crucial for retirement planning and healthcare coverage.
Why Calculate FICA Tax?
- • Plan for Social Security benefits
- • Understand Medicare coverage contributions
- • Optimize self-employment tax strategies
- • Compare employee vs contractor costs
- • Verify payroll deductions accuracy
FICA Tax Components
- • Social Security: 12.4% (up to wage base)
- • Medicare: 2.9% (no wage limit)
- • Additional Medicare: 0.9% (high earners)
- • Self-employment: Both employee & employer portions
- • Annual wage base adjustments
How FICA Tax is Calculated
FICA Tax Formula
Social Security Tax Calculation
Min(Wages, $160,200) × 12.4% = Social Security Tax
Split: 6.2% employee + 6.2% employer (or 12.4% if self-employed)
Medicare Tax Calculation
All Wages × 2.9% = Medicare Tax
Split: 1.45% employee + 1.45% employer (or 2.9% if self-employed)
Additional Medicare Tax
Max(0, Wages - Threshold) × 0.9% = Additional Medicare Tax
Employee only - no employer match
Total FICA Tax
Social Security + Medicare + Additional Medicare = Total FICA Tax
2024 FICA Tax Rates
• Employee: 6.2%
• Employer: 6.2%
• Wage Base Limit: $160,200
• Maximum Tax: $19,864.80
• Employee: 1.45%
• Employer: 1.45%
• No Wage Limit
• Applies to all wages
• Employee only (no employer match)
• Applies above income thresholds
• No wage base limit
• Includes both employee & employer portions
• Applied to 92.35% of net SE income
• Deductible: 50% of SE tax
Employee vs Self-Employed
W-2 Employee
*Only on income above thresholds
Self-Employed
*Applied to 92.35% of net SE income
💡 Self-Employment Benefits
- • Deduct 50% of SE tax as business expense
- • Higher contribution limits for retirement plans
- • Potential for tax-advantaged business deductions
How Our FICA Tax Calculator Works
Our calculator uses the official 2024 FICA tax rates and wage base limits to provide accurate tax estimates.
Select Income Type
Choose between W-2 employee, self-employed, or mixed income sources.
Calculate FICA Taxes
Our calculator applies current Social Security and Medicare tax rates and limits.
Get Detailed Analysis
See detailed breakdown, optimization tips, and tax planning insights.
Frequently Asked Questions
Common questions about FICA taxes and calculations
What does FICA stand for and what does it fund?
FICA stands for Federal Insurance Contributions Act. FICA taxes fund two major federal programs: Social Security (Old-Age, Survivors, and Disability Insurance) and Medicare (hospital insurance). These taxes ensure you're eligible for benefits when you retire, become disabled, or need medical care.
How is FICA tax different from income tax?
FICA taxes are flat-rate taxes that fund specific social insurance programs, while income taxes are progressive taxes that fund general government operations. FICA taxes are calculated as a percentage of your wages (with some caps), whereas income tax rates increase with higher income levels and are affected by deductions and credits.
What is the Social Security wage base limit?
For 2024, the Social Security wage base limit is $160,200. This means you only pay Social Security tax on the first $160,200 of your wages. Any income above this amount is not subject to Social Security tax. However, Medicare tax continues to apply to all wages with no limit.
How does self-employment tax relate to FICA?
Self-employment tax is essentially FICA tax for self-employed individuals. Since self-employed people don't have an employer to pay the employer portion of FICA taxes, they must pay both the employee and employer portions (15.3% total). However, they can deduct the employer portion (7.65%) as a business expense.
When does Additional Medicare Tax apply?
Additional Medicare Tax (0.9%) applies to wages, compensation, and self-employment income above certain thresholds: $200,000 for single filers, $250,000 for married filing jointly, and $125,000 for married filing separately. This tax is only paid by the employee or self-employed individual - employers don't match it.
Can I get a refund if I overpaid FICA taxes?
If you worked for multiple employers and your total wages exceeded the Social Security wage base, you may have overpaid Social Security tax. You can claim a refund for the excess on your tax return. However, Medicare tax overpayments are rare since there's no wage base limit for Medicare tax.
How accurate is this FICA tax calculator?
Our calculator uses the official 2024 FICA tax rates and wage base limits published by the Social Security Administration and IRS. It provides highly accurate estimates for most situations. However, complex scenarios involving multiple income sources or special circumstances may require professional consultation.
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