FICA tax calculator 2021 provides a very quick computation of social security and medicare tax that every employee in the United States must pay. These tax payments fund U.S. social security system. FICA or Federal Insurance Contributions Act are applicable on a foreign citizen or non-resident alien employees too. The employer must deduct FICA taxes irrespective of the fact whether you qualify for social security or Medicare benefits.
FICA Tax Calculator 2021
How is FICA tax collected?
You cannot make voluntary social security payments if no taxes are due. Only the employer decides if your wages are liable to FICA tax. If liable, the employer will deduct the tax from your wages and pay to the IRS using the Electronic Federal Tax Payments System (EFTPS). Employers are duty-bound to prepare and send payroll tax report to IRS in (Form 941) every quarter.
What is the FICA tax rates in 2021?
The FICA tax rate for tax year 2021 for employee is 7.65% of the total wages received by an employee .The 7.65% of FICA tax consists of 6.2% for Social Security and 1.45% for Medicare.An equal amount is deposited by the employer for each employee. Thus ,the combined contribution under FICA by an employer is 15.3%.
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Is FICA tax for self employed?
Yes, fica tax or self employment tax is payable by self employed person . Check our self employment tax calculator
What is additional medicare tax?
Anyone who has combined earnings from wages and self-employment income more than a threshold amount (see table below) needs to pay additional Medicare tax @ 0.9% . ?This additional tax is not FICA tax but on account of another law – Affordable Care Act
| Filing Status | Threshold Amount |
| Married filing jointly | $250,000 |
| Married filing separately | $125,000 |
| Single | $200,000 |
| Head of household | $200,000 |
| Qualifying widow(er) | $200,000 |
Apart from this FICA tax calculator 2021, you can also test our fast tax calculator for 2021 or mileage reimbursement calculator