What is FICA and How To Calculate FICA Tax 2023 With Complete Guide?

In addition to funding Social Security benefits and Medicare health insurance, the FICA tax (Federal Insurance Contribution Act) is a payroll tax that is split between employees and employers. In addition to 7.65% (6.2% for Social Security and 1.45% for Medicare), they both contribute 15.3% to FICA, which is a combined contribution of 15.3%. Employees can earn up to $137,700 in 2020. Medicare does not have a wage limit.

Overview of FICA Tax- Medicare & Social Security

How Social Security Tax Impacts Your Paycheck: A Comprehensive

FICA Tax: Understanding Social Security and Medicare Taxes

Payroll Taxes: Your Obligations and How to Meet Them

How to calculate fica tax 2022 - The Tech Edvocate