2024 Fica And Medicare Rates

2024 Fica And Medicare Rates. The social security wage cap will be increased from the 2023 limit of $160,200 to the new 2024 limit of $168,600. Social security tax (6.2% of wages, up to a maximum taxable income) and medicare tax (1.45% of wages, with no income limit).

Fica stands for the federal insurance contributions act, and it’s a federal tax that employers and employees pay. As of 2024, employers and employees each pay 6.2% for social security and 1.45% for medicare.