Fica &Amp; Medicare For 2024. Not to be confused with the federal income tax, fica taxes fund the social security and medicare programs. Fica tax consists of two parts:
In this article, we’ll discuss how fica and medicare taxes work, what the limits and exemptions are, and how to deal with accidental fica overpay. We make it easy to understand medicare and social security taxes, current fica tax rates, and more.