Fica Calculator

FICA Tax Calculator (2024)

Single / Head of Household Married Filing Jointly Married Filing Separately

Estimated Annual FICA Breakdown

Social Security Tax (6.2%): $0.00

Medicare Tax (1.45%): $0.00

Additional Medicare Tax (0.9%): $0.00

Total FICA Tax: $0.00

function calculateFICA() { var income = parseFloat(document.getElementById('annualGrossIncome').value); var status = document.getElementById('filingStatus').value; if (isNaN(income) || income threshold) { addMedTax = (income – threshold) * addMedRate; document.getElementById('additionalMedicareRow').style.display = 'flex'; } else { document.getElementById('additionalMedicareRow').style.display = 'none'; } var totalFICA = ssTax + medTax + addMedTax; // Format as currency var formatter = new Intl.NumberFormat('en-US', { style: 'currency', currency: 'USD', }); document.getElementById('ssTaxOutput').innerText = formatter.format(ssTax); document.getElementById('medTaxOutput').innerText = formatter.format(medTax); document.getElementById('addMedTaxOutput').innerText = formatter.format(addMedTax); document.getElementById('totalFICAOutput').innerText = formatter.format(totalFICA); document.getElementById('ficaResults').style.display = 'block'; }

Understanding FICA Taxes in 2024

The Federal Insurance Contributions Act (FICA) is a U.S. federal payroll tax that funds both the Social Security and Medicare programs. If you are an employee, these taxes are automatically withheld from your paycheck. Understanding how these are calculated is essential for accurate financial planning and tax preparation.

Components of FICA Tax

FICA is composed of two primary parts, each with its own rate and rules:

• Social Security (OASDI): The rate is 6.2% of your gross wages. However, this tax only applies up to a certain "wage base limit." For 2024, the Social Security wage base limit is $168,600. Any income earned above this amount is not subject to the 6.2% Social Security tax.
• Medicare (HI): The standard rate is 1.45% of all gross wages. Unlike Social Security, there is no income cap for Medicare taxes.

The Additional Medicare Tax

High-income earners may be subject to the Additional Medicare Tax of 0.9%. This tax applies to wages exceeding specific thresholds based on your filing status:

Filing Status	Threshold Amount
Single / Head of Household	$200,000
Married Filing Jointly	$250,000
Married Filing Separately	$125,000

Calculation Example

Imagine you earn $180,000 per year and file as Single. Here is how your 2024 FICA tax is calculated:

1. Social Security: Since $180,000 is above the cap, you only pay tax on $168,600. ($168,600 × 0.062 = $10,453.20)
2. Medicare: You pay 1.45% on the full amount. ($180,000 × 0.0145 = $2,610.00)
3. Additional Medicare: Your income is below $200,000, so you pay $0.00 in additional tax.
4. Total FICA Tax: $10,453.20 + $2,610.00 = $13,063.20

What About Self-Employed Individuals?

If you are self-employed, you are responsible for the "Self-Employment Tax" (SECA), which is equivalent to both the employer and employee portions of FICA. This effectively doubles the rates to 12.4% for Social Security and 2.9% for Medicare, though you can often deduct the employer-equivalent portion when calculating your adjusted gross income.

Note: This calculator is for educational purposes and provides an estimate based on 2024 tax laws. Always consult with a qualified tax professional for specific tax advice.