What is the employer FICA rate for 2024?

Employer pays 6.2% Social Security (on wages up to $168,600) + 1.45% Medicare (no limit) = 7.65%. Employees pay the same split; the employer does not pay the additional 0.9% Medicare surcharge.

When does the Social Security wage base reset?

January 1 each year. The 2024 wage base is $168,600. Once an employee earns above this, neither the employer nor employee pays Social Security on additional wages for the rest of the calendar year.

Are contract workers subject to FICA?

No. Employers do not withhold or pay FICA for independent contractors (1099). Contractors pay self-employment tax (15.3%) on their own. Misclassifying employees as contractors carries significant IRS penalties.

FICA Employer Payroll Tax Calculator

Calculate employer FICA obligations: 6.2% Social Security (up to $168,600 wage base) + 1.45% Medicare (no cap) = 7.65% total per employee. No employer share of 0.9% surcharge.

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$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Calculate employer FICA obligations: 6.2% Social Security (up to $168,600 wage base) + 1.45% Medicare (no cap) = 7.65% total per employee. No employer share of 0.9% surcharge. Use the fica employer tax result to inform your calculation.

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FICA Employer Payroll Tax Calculator

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Frequently Asked Questions

What is the employer FICA rate for 2024?

When does the Social Security wage base reset?

Are contract workers subject to FICA?