Employer Fica And Medicare Rates 2024. The medicare tax rate for 2024 remains at 1.45% of all covered earnings for employers and employees. Fica tax includes two taxes:
There is no wage base for medicare. Federal payroll tax that plays a critical role in funding social security and medicare programs.
For Federal Income Tax Withholding, The Rate Is 3.0% Of Wages.
The 2024 tax rates for employers are 6.2% for social security and 1.45% for medicare.
Employees And Employers Split The Total Cost.
0.36% (40% of the employee rate of 0.9%) of wages subject to additional medicare tax.
Employer Fica And Medicare Rates 2024 Images References :
Federal Insurance Contributions Act (Fica) The Wage Base Will Increase From $160,200 To $168,600.
1.45 percent medicare tax (the โregularโ medicare tax).
Both Employees And Employers Contribute To Fica Tax, With A Combined Rate Of 15.3%.
Calculate the total fica tax: