FICA (Federal Insurance Contributions Act)
US payroll tax funding Social Security (6.2%) and Medicare (1.45%). 7.65% total on wages, paid by both employee and employer.
Definition
Social Security portion (6.2%) applies only up to the wage base ($168,600 in 2024); above that, only Medicare (1.45%) continues. An additional 0.9% Medicare surcharge applies above $200k single / $250k joint. Self-employed individuals pay both halves (15.3%) but can deduct half.
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