Payroll Tax Calculator — FICA, Social Security & Medicare 2024

The 2024 Social Security wage base is $168,600. Earnings above this amount are NOT subject to the 6.2% Social Security tax. Medicare tax (1.45%) has no wage base limit and applies to all earnings. An additional 0.9% Medicare surtax applies to wages above $200,000 (single) or $250,000 (MFJ).

Yes. Employers match employee FICA contributions dollar for dollar: 6.2% Social Security + 1.45% Medicare = 7.65% employer match. Additionally, employers pay Federal Unemployment Tax (FUTA) at 6% on the first $7,000 of wages (often reduced to 0.6% after state credits), and state unemployment insurance (SUI) rates vary by state and employer history.

Submit a new W-4 to your employer. On the 2020+ W-4, you can claim dependents (Step 3), enter other income or deductions (Step 4), or reduce withholding by entering a negative adjustment. Increasing pre-tax contributions to 401k, FSA, or HSA also reduces your taxable wages and thus your withholding.

Gross pay is your total earnings before any deductions. Net pay (take-home pay) is what remains after federal taxes, state taxes, FICA (Social Security and Medicare), and voluntary deductions (401k contributions, health insurance premiums, FSA contributions) are subtracted. The gap between gross and net is often 25–35% for middle-income earners.