Medicare Taxes Taxpayers who receive wages, salaries, or self-employment income are required to payMedicare taxon all of their wages. Once there was a limit on the amount of income on which Medicare tax was assessed, but this was eliminated in 1993. Now all earned income of any kind is as...
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% ...