FICA Tax Calculator (Employee Share)
Estimate your employee-paid FICA taxes based on your annual gross income and filing status for the 2024 tax year.
Your Estimated FICA Taxes (Employee Share):
Social Security Tax:
Medicare Tax: $0.00
Additional Medicare Tax: $0.00
Total FICA Tax: $0.00
Understanding How FICA Tax is Calculated
FICA, which stands for the Federal Insurance Contributions Act, is a U.S. federal payroll tax that funds Social Security and Medicare programs. These programs provide benefits for retirees, the disabled, and children of deceased workers, as well as healthcare for seniors and certain disabled individuals. If you're employed in the U.S., a portion of your paycheck is withheld for FICA taxes.
Components of FICA Tax
FICA tax is comprised of two main parts:
- Social Security Tax: This portion funds retirement, disability, and survivor benefits.
- Medicare Tax: This portion funds hospital insurance for the elderly and disabled.
Both employees and employers contribute to FICA. This calculator focuses on the employee's share.
Social Security Tax Calculation
For the 2024 tax year, the employee's share of Social Security tax is 6.2% of your gross wages. However, there's a crucial limit: the Social Security wage base limit. For 2024, this limit is $168,600. This means that any earnings above this amount are not subject to Social Security tax. For example, if you earn $200,000 in a year, only the first $168,600 will be taxed for Social Security.
Example: If your annual gross income is $75,000, your Social Security tax would be $75,000 * 0.062 = $4,650.
Example: If your annual gross income is $200,000, your Social Security tax would be $168,600 (the wage base limit) * 0.062 = $10,453.20. The remaining $31,400 of your income is not subject to Social Security tax.
Medicare Tax Calculation
The employee's share of Medicare tax is 1.45% of your gross wages. Unlike Social Security, there is no wage base limit for Medicare tax. All of your earned income is subject to this tax.
Example: If your annual gross income is $75,000, your Medicare tax would be $75,000 * 0.0145 = $1,087.50.
Example: If your annual gross income is $200,000, your Medicare tax would be $200,000 * 0.0145 = $2,900.
Additional Medicare Tax
An additional Medicare tax of 0.9% applies to earned income above certain thresholds. This additional tax only applies to the employee's share and is not matched by the employer. The thresholds for 2024 are:
- $200,000 for individuals filing as Single, Head of Household, or Qualifying Widow(er).
- $250,000 for individuals filing as Married Filing Jointly.
- $125,000 for individuals filing as Married Filing Separately. (Note: Our calculator simplifies to Single/Married Jointly).
This additional tax is only applied to the amount of income that exceeds these thresholds.
Example: If you are single and earn $220,000, the additional Medicare tax would apply to $20,000 ($220,000 – $200,000). So, $20,000 * 0.009 = $180.
Example: If you are married filing jointly and earn $280,000, the additional Medicare tax would apply to $30,000 ($280,000 – $250,000). So, $30,000 * 0.009 = $270.
Total FICA Tax
Your total employee-paid FICA tax is the sum of your Social Security tax, Medicare tax, and any applicable Additional Medicare Tax.
It's important to note that employers also pay a matching share of Social Security and Medicare taxes, which is not included in this employee-focused calculator.
Understanding how FICA is calculated helps you comprehend your paycheck deductions and the contributions you make to vital federal programs. This calculator provides an estimate based on current tax laws and should not be considered tax advice. For personalized tax guidance, consult with a qualified tax professional.