Payroll Tax Calculator 2024
Calculate your payroll taxes including Social Security and Medicare taxes (FICA). Understand your total tax burden as an employee or employer.
Calculate Your Payroll Tax
Understanding Payroll Taxes
Payroll taxes are federal taxes that fund Social Security and Medicare programs. These taxes are automatically deducted from your paycheck and matched by your employer. Understanding your payroll tax burden is essential for accurate budgeting and financial planning.
Why Calculate Payroll Tax?
- • Understand your total tax burden
- • Plan for retirement and healthcare
- • Compare job offers accurately
- • Budget for self-employment taxes
- • Verify paycheck deductions
What's Included in Payroll Tax?
- • Social Security tax (6.2% each)
- • Medicare tax (1.45% each)
- • Additional Medicare tax (0.9% high earners)
- • Employer matching contributions
- • Annual wage base limits
How Payroll Tax is Calculated
FICA Tax Components
Social Security Tax
6.2% from employee + 6.2% from employer = 12.4% total on wages up to $160,200 (2024 limit)
Medicare Tax
1.45% from employee + 1.45% from employer = 2.9% total on all wages (no limit)
Additional Medicare Tax
0.9% additional tax on wages over $200,000 (single) or $250,000 (married filing jointly) - employee only
Total Payroll Tax
Sum of all FICA taxes for both employee and employer portions
2024 Payroll Tax Rates
6.2% employee + 6.2% employer
On wages up to $160,200
1.45% employee + 1.45% employer
On all wages (no limit)
Employee only (no employer match)
On wages over threshold
Combined employee + employer
On wages up to Social Security limit
Additional Medicare Tax Thresholds
0.9% tax on wages above this amount
Combined income threshold
Individual threshold when filing separately
Same threshold as single filers
💡 Important Note
The Additional Medicare Tax is only paid by the employee. Employers do not match this 0.9% tax.
How Our Payroll Tax Calculator Works
Our calculator uses the official 2024 FICA tax rates and thresholds to provide accurate payroll tax estimates.
Enter Your Income
Input your annual income and employment type.
Calculate FICA Taxes
Our calculator applies current Social Security and Medicare tax rates.
Get Detailed Results
See your total payroll tax burden and breakdown by tax type.
Frequently Asked Questions
Common questions about payroll taxes and FICA calculations
What is the difference between payroll tax and income tax?
Payroll taxes (FICA) fund Social Security and Medicare programs and are calculated as a percentage of your wages. Income taxes fund general government operations and are calculated using progressive tax brackets based on your total taxable income after deductions.
Do I pay payroll taxes if I'm self-employed?
Yes, self-employed individuals pay self-employment tax, which covers both the employee and employer portions of Social Security and Medicare taxes (15.3% total). However, you can deduct the employer portion (7.65%) when calculating your income tax.
What is the Social Security wage base limit?
For 2024, Social Security tax (12.4%) is only paid on the first $160,200 of wages. Any income above this amount is not subject to Social Security tax, but Medicare tax (2.9%) continues to apply to all wages with no limit.
When does the Additional Medicare Tax apply?
The Additional Medicare Tax (0.9%) applies to wages over $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; employers do not match it.
Can I get a refund of payroll taxes?
Generally, payroll taxes are not refundable since they fund your future Social Security and Medicare benefits. However, if you had multiple employers and paid Social Security tax on wages over the annual limit, you may be eligible for a refund of the excess.
How accurate is this payroll tax calculator?
Our calculator uses the official 2024 FICA tax rates and thresholds published by the Social Security Administration and IRS. It provides accurate estimates for most situations, but complex scenarios may require professional consultation.
Related Tax Calculators
Federal Tax Calculator
Calculate your federal income tax liability
Self-Employment Tax
Calculate SE tax for freelancers and contractors
Tax Withholding Calculator
Optimize your paycheck withholdings
State Tax Calculator
Calculate your state income tax
Tax Refund Calculator
Estimate your tax refund or amount owed
Marginal Tax Rate
Find your marginal and effective tax rates