2024 Fica And Medicare Rates

2024 Fica And Medicare Rates. The rate of social security tax on taxable wages is 6.2% each for the employer and employee. Fica stands for the federal insurance contributions act, and it’s a federal tax that employers and employees pay.

The fica tax rate, which is the combined social security rate of 6.2 percent and the medicare rate of 1.45 percent, remains 7.65 percent for 2024 (or 8.55 percent for. Tax rates for each social security trust fund.