FICA Tax Calculator

Category: Other Finance
- June 04, 2025
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Calculate your Federal Insurance Contributions Act (FICA) tax deductions, including Social Security and Medicare taxes based on your income.

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About FICA Taxes

FICA (Federal Insurance Contributions Act) taxes fund Social Security and Medicare programmes. These are payroll taxes that both employees and employers pay.

FICA Tax Components
  • Social Security Tax: 6.2% on earnings up to the annual wage base limit ($168,600 for 2025).
  • Medicare Tax: 1.45% on all earnings (no wage base limit).
  • Additional Medicare Tax: 0.9% on earnings above $200,000 for singles or $250,000 for married couples filing jointly.
Self-Employment Tax

Self-employed individuals pay both the employee and employer portions of FICA taxes:

  • Social Security: 12.4% (6.2% × 2) up to the wage base limit
  • Medicare: 2.9% (1.45% × 2) on all earnings
  • Additional Medicare Tax: 0.9% on earnings above threshold
  • Self-employed individuals can deduct 50% of their self-employment tax from their income taxes
FICA Tax Formula

For employees:

FICA Tax = (Eligible Income × Social Security Rate) + (Total Income × Medicare Rate)

For self-employed individuals:

Self-Employment Tax = (Eligible Income × 12.4%) + (Total Income × 2.9%)

Understanding FICA Taxes

FICA stands for the Federal Insurance Contributions Act. It involves taxes that help fund Social Security and Medicare programs. Both employees and employers contribute to these taxes. Understanding FICA is important, as it helps ensure you’re covered for Retirement and healthcare needs in the future.

What Is the FICA Tax Calculator?

The FICA Tax Calculator is a tool designed to help you determine your FICA tax deductions based on your income. You simply enter your annual earnings, filing status, and Other details. This calculator then provides you with an estimate of how much you’ll owe for Social Security and Medicare taxes.

How to Input Your Information

  • Annual Income: Enter your total income for the year. The calculator uses this to figure your tax.
  • Filing Status: Choose from options like single or married. This impacts the final calculation.
  • Pay Period: Select your pay frequency. It can be annual, monthly, or weekly.

Additional Earnings and Options

If you receive bonuses or other compensation, the calculator can factor those in too. You can choose to include these additional earnings to get a clearer picture of your tax situation. Along with this, you have display options to view calculation steps and set decimal places for precision.

Understanding Your Results

Once you enter your details, the calculator provides a breakdown of your FICA tax results. You’ll see how much you need to pay for Social Security and Medicare. The total FICA tax amount will be clearly displayed, helping you understand your Financial obligations.

The Importance of Accuracy

Using the FICA Tax Calculator gives you an accurate estimate of your taxes. This is vital for effective budgeting and planning. Knowing your FICA contributions helps you prepare for tax time and ensures you won’t face surprises when filing your return.

Self-Employment Considerations

If you’re self-employed, the FICA Tax Calculator can help you too. Self-employed individuals pay higher rates since they cover both employee and employer taxes. It’s crucial to input your details correctly to ensure the calculator provides an accurate tax estimate.

Learn More About FICA Taxes

The calculator not only helps you figure out your taxes but also provides information about FICA. You can learn about the different components, like Social Security and Medicare rates, and how they apply to your income. This understanding can help you manage your finances better.