Fica And Medicare Rates 2024. The rate is for both employees and employers, according to the internal revenue code. The federal insurance contributions act, commonly known as fica, is a u.s.
For 2024, the fica tax rate for both employers and employees is 7.65% (6.2% for oasdi and 1.45% for medicare). Social security tax (6.2% of wages, up to a maximum taxable income) and medicare tax (1.45% of wages, with no income limit).