2025 Max Fica. Fica is a 15.3% payroll tax that funds social security and medicare. Each year, the board of trustees for the social security trust fund publishes a report on the financial status of the social security.
To calculate your fica tax burden, you can multiply your gross pay by 7.65%. Employees and employers split the total cost.
Employees And Employers Split The Total Cost.
Fica is a 15.3% payroll tax that funds social security and medicare.
Here’s How Your Fica Taxes Work And How They Impact Your Paycheck.
For 2023, an employer must withhold:
2025 Max Fica Images References :
For 2024, The Social Security Tax Limit Is $168,600 (Up From $160,200 In 2023).
For 2023, the fica tax rate for both employers and employees is 7.65% (6.2% for oasdi and 1.45% for medicare).
Businesses Are Required To Pay What Are Known As Fica Taxes, Often.