Fica And Medicare Tax Rate 2024 Chart

Fica And Medicare Tax Rate 2024 Chart. In 2024, the medicare tax rate is 2.9%, with half (1.45%) paid by the employee and the other half (1.45%) paid by the employer. As of 2024, the combined rate for social security and medicare taxes under fica is 7.65% for each party (at a total rate of 15.3%).

29 rows tax rates are set by law (see sections 1401, 3101, and 3111 of the internal revenue code) and apply to earnings up to a maximum amount for oasdi. Different rates apply for each.