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Payroll Tax Calculator
US payroll taxes — FICA (Social Security + Medicare).
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Frequently asked questions
What is FICA?
Federal Insurance Contributions Act — the combined Social Security + Medicare payroll tax. 7.65% paid by employee, matched by employer. Self-employed pay both halves (15.3%).
Is there a FICA cap?
Social Security (6.2%) caps at $168,600 wages (2024). Medicare (1.45%) has NO cap. The 0.9% additional Medicare applies above $200K / $250K thresholds.
Can I deduct FICA?
Employees cannot deduct FICA. Self-employed individuals can deduct half the SE tax as an above-the-line deduction on Form 1040.
What does Social Security fund?
Retirement benefits, disability benefits, and survivor benefits. Medicare funds hospital insurance (Part A). Both are critical safety net programs.