Payroll Tax Calculator
Calculate your employee FICA payroll taxes including Social Security and Medicare contributions. Enter your annual salary to see the breakdown of payroll tax deductions and your effective payroll tax rate.
Payroll Tax Calculator
FAQ
What are FICA taxes?
FICA stands for Federal Insurance Contributions Act. It includes Social Security tax (6.2% on wages up to $168,600 in 2024) and Medicare tax (1.45% on all wages). Employers match these amounts for a combined rate of 15.3%.
What is the Additional Medicare Tax?
Employees earning more than $200,000 per year pay an additional 0.9% Medicare tax on wages above that threshold. This additional tax is not matched by the employer.
Is there a cap on Social Security tax?
Yes. Social Security tax only applies to wages up to the annual wage base limit, which is $168,600 for 2024. Income above this amount is not subject to Social Security tax, though Medicare tax has no cap.