and the Medicare tax rate is 1.45% of wages. Together, these make up a tax rate of 7.65% for FICA taxes. In the event that you're independently employed, you'll have to pay for both the worker's and the business' part of FICA taxes, which is 15.3% ...
453.20. But don’t forget. You also have to pay a Medicare tax rate of 1.45%. Therefore, your total FICA tax rate is 7.65%. 7.65% X $168,600 = $12,897.90. If you are self-employed, you have to pay double (15.3%)!
rate for social security and medicare taxes. if self-employed, the worker would pay a fica tax of 15.3%—essentially both the employer’s and employee’s share—on earnings. the fica tax typically affects taxable compensation—such as salary, wages, commissions, bonuses and tips—as well as ...