FICA taxes, which fund Social Security and Medicare, are automatically withheld from employee paychecks. FICA taxes total 15.3%, with employees paying 7.65% of their wages and employers matching ...

FICA taxes combine 6.2% Social Security and 1.45% Medicare, totaling 7.65% on income up to $168,600. Benefits from FICA tax payments might be reduced due to funding shortfalls projected in 2033 ...

This article was expert reviewed by Lisa Niser, EA, an enrolled agent and tax advisor. FICA taxes are withheld from paychecks to fund Social Security and Medicare programs. They are mandatory for ...

Together the FICA tax is 15.3% of all wages that you earn. The social security tax is paid only on the first $176,100 of your ...