{"id":4531,"date":"2023-12-30T08:27:00","date_gmt":"2023-12-30T08:27:00","guid":{"rendered":"https:\/\/www.irstaxapp.com\/?p=4531"},"modified":"2023-12-31T06:24:25","modified_gmt":"2023-12-31T06:24:25","slug":"fica-tax-calculator","status":"publish","type":"post","link":"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/","title":{"rendered":"2023 2024 FICA Tax Calculator"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><picture><source srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-1024x576.webp 1024w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-300x169.webp 300w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-768x432.png 768w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-150x84.webp 150w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-750x422.png 750w,https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-1140x641.webp 1140w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><img src=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-1024x576.png\" height=\"576\" width=\"1024\" srcset=\"https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-1024x576.png 1024w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-300x169.png 300w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-768x432.png 768w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-150x84.png 150w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-750x422.png 750w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024-1140x641.png 1140w, https:\/\/www.irstaxapp.com\/wp-content\/uploads\/2023\/12\/fica-tax-calculator-2024.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" class=\"wp-image-7474 sp-no-webp\" alt=\"fica tax calculator\" decoding=\"async\" loading=\"lazy\"  > <\/picture><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6625a2ad6e72f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6625a2ad6e72f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#Whats_FICA\" title=\"Whats FICA?\">Whats FICA?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#FICA_tax_Calculator_2024_2023\" title=\"FICA tax Calculator 2024 &amp; 2023\">FICA tax Calculator 2024 &amp; 2023<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#What_are_FICA_tax_rates_for_2024_2023\" title=\"What are FICA tax rates for 2024 &amp; 2023?\">What are FICA tax rates for 2024 &amp; 2023?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#What_is_the_2023_2024_wage_limit_for_FICA_tax\" title=\"What is the 2023 &amp; 2024 wage limit for FICA tax?\">What is the 2023 &amp; 2024 wage limit for FICA tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#How_to_calculate_FICA_tax\" title=\"How to calculate FICA tax?\">How to calculate FICA tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#Who_needs_to_pay_additional_Medicare_tax\" title=\"Who needs to pay additional Medicare tax?\">Who needs to pay additional Medicare tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#Who_Needs_to_File_Form_8959_for_Additional_Medicare_Tax\" title=\"Who Needs to File Form 8959 for Additional Medicare Tax?\">Who Needs to File Form 8959 for Additional Medicare Tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#Is_FICA_Taxes_Paid_by_Self_Employed_Persons\" title=\"Is FICA Taxes Paid by Self Employed Persons?\">Is FICA Taxes Paid by Self Employed Persons?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#How_do_you_calculate_the_Additional_Medicare_Tax_if_you_get_Medicare_wages_and_earn_freelancing_income\" title=\"How do you calculate the Additional Medicare Tax if you get Medicare wages and earn freelancing income?\">How do you calculate the Additional Medicare Tax if you get Medicare wages and earn freelancing income?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.irstaxapp.com\/fica-tax-calculator\/#How_is_Medicare_withholding_calculated\" title=\"How is Medicare withholding calculated?\">How is Medicare withholding calculated?<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Whats_FICA\"><\/span>Whats FICA?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before you test the <em>FICA tax calculator <\/em>on this page, you should understand &#8220;<em><strong>what is a FICA tax<\/strong> <\/em>?&#8221;. The  <strong><em>FICA meaning<\/em><\/strong> is <a href=\"https:\/\/en.wikipedia.org\/wiki\/Federal_Insurance_Contributions_Act\" target=\"_blank\" rel=\"noopener\">Federal Insurance Contribution Act<\/a>. Under this law, before making wage payments to a person, every employer will first ensure a specific amount of withholding from his\/her wages as a contribution to social security funds. <\/p>\n\n\n\n<p>Not only will the amount be withheld from an employee, but the employer will also contribute an equal amount to the social fund for the employee&#8217;s social security benefits and Medicare health insurance. Since the law requires the employer to withhold FICA taxes from the salary\/wages of employees, It is considered <em>social security withholding<\/em> tax. Are FICA taxes Social Security Tax? Yes, because the FICA tax has two parts. The first part is <strong>6.2%<\/strong>&nbsp;of employees\u2019 taxable gross wages is the Social Security tax part.  <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FICA_tax_Calculator_2024_2023\"><\/span>FICA tax Calculator 2024 &amp; 2023<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<iframe loading=\"lazy\" width=\"100%\" height=\"1000\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" src=\"https:\/\/gsheetpress.com\/calculator?id=1665290644115\">\n<\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_FICA_tax_rates_for_2024_2023\"><\/span>What are FICA tax rates for 2024 &amp; 2023?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The FICA tax rate for 2024 is the same as for 2023. In other words, for 2024 &amp; 2023, the FICA tax rate is 15.30%, split equally between the employer and employee. So Employer deducts the FICA tax of  7.65%.  (6.2% for Social Security and 1.45% for Medicare) from wages of an employee and deposits, the combined contribution (its own 7.65%) totaling 15.3%. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_2023_2024_wage_limit_for_FICA_tax\"><\/span>What is the 2023 &amp; 2024 wage limit for FICA tax?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-background\" style=\"background-color:#c4fbe5\">The federal government increased the limit for Social Security tax to  $168,600 (up from $160,200 in 2023). The maximum amount of Social Security tax an employee will have withheld from their paycheck in 2024 will be <strong>$10,4523<\/strong> ($168,600 x 6.2%)  and  <strong>$9,932<\/strong> ($160,200 x 6.2%) in year 2023.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_calculate_FICA_tax\"><\/span>How to calculate FICA tax?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Calculating FICA taxes contribution for an employee is easy. The <em>FICA tax calculator<\/em> is based on <em>multiplying the gross pay by the Social Security and Medicare tax rates<\/em>.\u00a0It must be kept in mind while the social security tax has a wage\/salary limit ( $168,600 for 2024 ) , there is no such limit for medicare tax.<\/p>\n\n\n\n<p><strong>For example, <\/strong><\/p>\n\n\n\n<ul>\n<li>The taxable wages of Mr Richard is  $900 for the week<\/li>\n\n\n\n<li>Employer will deduct social security contribution would be $900.00 x 6.2% = $55.80. <\/li>\n\n\n\n<li>Further, the deduction for Medicare contribution would be $900.00 x 1.45%= $13.05.&nbsp;<\/li>\n\n\n\n<li>So, the total deduction from Mr Richard&#8217;s wages would be $55.80+$13.05= $66.85.<\/li>\n\n\n\n<li>The employer would also have to pay equally, i.e. $66.85 of FICA tax.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_needs_to_pay_additional_Medicare_tax\"><\/span>Who needs to pay additional Medicare tax?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under the Affordable Care Act, the IRS introduced an Additional Medicare Tax in 2013. This additional Medicare tax is applicable only if the combined earnings from Medicare wages and self-employment income exceeds the threshold given below :<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The threshold for additional Medicare -2023 &amp; 2024<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-regular has-medium-font-size\"><table class=\"has-background\" style=\"background-color:#cfecfe\"><tbody><tr><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">Filing Status<\/mark><\/strong><\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">2023<\/mark><\/strong><\/td><td><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"><strong>2024<\/strong><\/mark><\/td><\/tr><tr><td>Head of household<\/td><td>200000<\/td><td>200000<\/td><\/tr><tr><td>Married filing jointly<\/td><td>250000<\/td><td>250000<\/td><\/tr><tr><td>Married filing separate<\/td><td>125000<\/td><td>125000<\/td><\/tr><tr><td>Qualifying widow(er)<\/td><td>250000<\/td><td>250000<\/td><\/tr><tr><td>Single<\/td><td>200000<\/td><td>200000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-background\" style=\"background-color:#f8e0e6\">However, the law for withholding additional medicare tax by an employer applies when your wages exceed the threshold limit (e.g $200,000 for single) . It means that even if your earnings per your filing status do not cross the threshold if your wages with an employer exceed $200,000, additional medicare tax must be withheld @ 0.9%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_Needs_to_File_Form_8959_for_Additional_Medicare_Tax\"><\/span>Who Needs to File Form 8959 for Additional Medicare Tax?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you are subject to additional Medicare tax withholding, you must file <strong>Form 8959<\/strong>. In other words, if the employee is getting wages plus tips is more than $200,000 (Refer to your W-2 form). Form 8959 informs IRS about the amount of Additional Medicare Tax you owe and if the employer withholds any amount of Additional Medicare Tax for you.<\/p>\n\n\n\n<p>You must also file Form 8959 if your total Medicare wages and tips plus your self-employment income, if any, are greater than the threshold amount as per your filing status [refer to the table above]. You can read IRS instructions<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-8959\" target=\"_blank\" rel=\"noopener\"> on form 8959<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Is_FICA_Taxes_Paid_by_Self_Employed_Persons\"><\/span>Is FICA Taxes Paid by Self Employed Persons?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-background\" style=\"background-color:#d9ebf6\">FICA is for employees or wage earners.When you\u2019re self-employed, you need to pay both employee and employer taxes. The term used is self-employment tax. In other words, a self-employed person has to pay 12.4% for Social Security Tax and 2.9% for Medicare Tax. And if you\u2019re a high wage earner, you\u2019ll still have to pay the 0.9% Additional Medicare Tax above your earnings threshold. Please read more on a <a href=\"https:\/\/www.irstaxapp.com\/2020-self-employment-tax-calculator\/\">self-employment tax calculator with faqs <\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_you_calculate_the_Additional_Medicare_Tax_if_you_get_Medicare_wages_and_earn_freelancing_income\"><\/span>How do you calculate the Additional Medicare Tax if you get Medicare wages and earn freelancing income?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The aforesaid FICA tax calculator is only for Medicare wage earners. However, there may be cases when a person working somewhere as an employee also carries on his own freelancing or some business. In that case, the FICA tax computation may be slightly different. Follow the steps to compute additional Medicare tax on your income.<\/p>\n\n\n\n<ol>\n<li>Calculate 0.9% of the Additional Medicare Tax only if the wages you earned exceed the applicable threshold for the taxpayer&#8217;s filing status.<\/li>\n\n\n\n<li>Deduct the applicable threshold for the filing status from the total amount of Medicare wages received. If the net result is negative, consider it zero.<\/li>\n\n\n\n<li>Calculating the Additional Medicare Tax on any self-employment income over the reduced threshold.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_is_Medicare_withholding_calculated\"><\/span>How is Medicare withholding calculated?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Medicare withholding is calculated based on the employee&#8217;s gross pay and a fixed percentage of 1.45%. This means that 1.45% of the employee&#8217;s gross pay is deducted and paid directly to Medicare.<\/p>\n\n\n\n<p>For example, if an employee earns a gross salary of $2,500 per month, their Medicare withholding would be calculated as follows:<\/p>\n\n\n\n<p>$2,500 x 1.45% = $36.25<\/p>\n\n\n\n<p>So, the employee&#8217;s Medicare withholding for that month would be $36.25, which would be deducted from their gross pay and paid to Medicare. It&#8217;s important to note that the employer also contributes an additional 1.45% of the employee&#8217;s gross pay to Medicare, making the total Medicare contribution 2.9%.<\/p>\n\n\n\n<p>Did you like the <strong><em>FICA tax calculator<\/em><\/strong>? Please comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Whats FICA? Before you test the FICA tax calculator on this page, you should understand &#8220;what is a FICA tax ?&#8221;. The FICA meaning is Federal Insurance Contribution Act. Under this law, before making wage payments to a person, every employer will first ensure a specific amount of withholding from his\/her wages as a contribution [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/4531"}],"collection":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/comments?post=4531"}],"version-history":[{"count":6,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/4531\/revisions"}],"predecessor-version":[{"id":7475,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/posts\/4531\/revisions\/7475"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media\/6024"}],"wp:attachment":[{"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/media?parent=4531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/categories?post=4531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.irstaxapp.com\/wp-json\/wp\/v2\/tags?post=4531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}