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Calculate Social Security, Medicare, and total FICA taxes for employees and self-employed.
The SS wage base is $160,200 for 2024. Earnings above this are exempt from the 6.2% SS tax.
Yes. Self-employed individuals pay both the employee (6.2%+1.45%) and employer (6.2%+1.45%) shares, totaling 15.3%.
A 0.9% surtax applies to wages and self-employment income exceeding $200,000 for single filers ($250,000 for married filing jointly).