The FICA tax is 6.2% on taxable compensation up to a fixed amount annually (e.g., $160,200 in 2023) for the Social Security portion and 1.45% of taxable compensation for the Medicare portion (without any limit). The same amount is paid by the employer and the employee. For example, ...
Annual wages paid to an employer’s spouse, child younger than 21, or parents Annual wages paid to independent contractors What is the 2024 FUTA tax rate? The current FUTA tax rate for 2024 is 6%3. Congress hasn’t changed the rate since 1983. There are also state unemployment taxes (SUT...