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The Federal
Insurance Contributions Act (FICA) consists of two separate parts. One is
the Social Security and the other is Medicare. Different rates apply
to each of these for both employees and self-employed persons.
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Social Security Rates
from January 1, 2012 to February 29, 2012 |
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If you are: |
Your Rate is: |
Rate Applies to: |
|
Employee |
4.2% |
FIRST $110,100 of Wages for Year
(Limited to $18,350 for first two months. Excess subject to
recapture tax) |
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Self-Employed |
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Independent
Contractor |
|
10.4% |
FIRST $110,100 of net profit from trade
or business |
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Social Security Rates from
March 1, 2012 to December 31, 2012 |
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If you are: |
Your Rate is: |
Rate Applies to: |
|
Employee |
6.2% |
FIRST $110,100 of Wages |
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Self-Employed |
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Independent
Contractor |
|
12.4% |
FIRST $110,100 of net profit from trade
or business |
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Calendar Year 2011 - Medicare
Rates |
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If you are: |
Your RATE is: |
Rate APPLIES to: |
|
Employee |
1.45% |
ALL Wages |
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Self-Employed |
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Independent
Contractor |
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2.9% |
ALL net profit from trade or business |
For other 2012 Social Security and Medicare
changes such as quarter of coverage, retirement earnings test exempt
amounts, SSI payments, and COLA amounts,
click here.
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