Tax

FICA

The combined Social Security and Medicare payroll tax of 7.65% withheld from your wages.

What does fica mean?

FICA funds Social Security (6.2%, up to a wage cap) and Medicare (1.45%, no cap). Your employer pays a matching amount; the self-employed pay both halves as self-employment tax.

Put it to use

Payroll Deductions Calculator Use this calculator to help you determine the impact of changing your payroll deductions. Payroll Hourly Paycheck Calculator Use this calculator to help you determine your paycheck for hourly wages.

Related terms

Self-Employment Tax Tax Withholding

All glossary terms