what is the fica tax rate 
wage earners pay 6 2 on income up to 168 600 in 2024 toward social security their employers also pay 6 2 on their behalf so the total tax rate for social security is 12 4 any income above that threshold is not taxed for social security purposes the medicare rate of 1 45 is paid by wage earners on all their income for income above 200 000 they pay an additional medicare tax of 0 9 on the portion above that threshold employers match the 1 45 rate but are not responsible for matching the 0 9 rate 11109the bottom linefica refers to the 1935 u s law and later the 1965 law that mandated that payroll taxes be paid by workers and employers to fund the nation s social security and medicare programs fica taxes are mandatory from then until now american wage earners have had a portion of every paycheck withheld throughout their working years so that they can receive financial benefits from the government in their retirement years 