US Social Security Tax Calculator 2024
Calculate FICA taxes: Social Security and Medicare for employees and self-employed
💰 Income Information
👔 Employment Type
Self-employed individuals pay both employer and employee portions (15.3% total)
📊 Tax Summary
Enter your income details and calculate
Detailed FICA Tax Breakdown
2024 FICA Tax Rates & Limits
👔 Employee (W-2)
Employer matches your contribution
💼 Self-Employed
You pay both portions (50% is deductible)
💵 2024 Wage Base Limits
Social Security tax only applies to earnings up to $168,600. Medicare tax applies to all earnings.
📈 Additional Medicare Tax (0.9%)
Applies to high earners above these thresholds:
Understanding FICA Taxes
🏛️ What is FICA?
FICA (Federal Insurance Contributions Act) taxes fund Social Security and Medicare programs. Both employees and employers contribute to these programs through payroll taxes.
📊 Social Security Tax (OASDI)
- Funds Old-Age, Survivors, and Disability Insurance benefits
- Rate: 6.2% for employees, 12.4% for self-employed
- 2024 wage base limit: $168,600 (no tax on earnings above this)
- Maximum employee tax: $10,453.20 per year
🏥 Medicare Tax
- Funds Medicare health insurance program
- Rate: 1.45% for employees, 2.9% for self-employed
- No wage base limit - applies to all earnings
- Additional 0.9% for high earners (over $200K-$250K)
💼 Self-Employment Tax
- Self-employed individuals pay both employee and employer portions (15.3%)
- However, 50% of self-employment tax is deductible on your income tax return
- Calculated on 92.35% of net self-employment income
- Must file Schedule SE with your tax return
💡 Important Notes
- FICA taxes are separate from federal income tax
- Employers are required to withhold FICA taxes from employee paychecks
- Self-employed individuals typically pay estimated quarterly taxes
- Some government employees may be exempt from Social Security tax
- Tips and bonuses are subject to FICA taxes
Disclaimer: This calculator provides estimates for FICA taxes only and does not include federal or state income taxes. Actual withholding may vary based on your W-4 form selections. This calculator uses 2024 tax rates and wage base limits.