2024 Fica And Medicare Tax Rates. The fica tax rate, which is the combined social security rate of 6.2 percent and the medicare rate of 1.45 percent, remains 7.65 percent for 2024 (or 8.55 percent. Fica stands for the federal insurance contributions act, and it’s a federal tax that employers and employees pay.

You’re responsible for paying half of this total medicare tax amount (1.45%) and your employer is responsible for the other. As of 2024, employers and employees each pay 6.2% for social.