January 8, 2013 by Ed Becker
2013 FICA and Medicare Tax Rates
The rate is 7.65% in total: 6.2% for the Social Security portion and 1.45% for Medicare.
FYI, this had been reduced by 2% to 4.2% over the past few years as part of payroll tax holiday to help with the economic recovery. All of the fiscal cliff discussions did not address this and the rate has reverted back to what it was 2 years ago
The first $113,700 of wages is taxed at 6.2% for Social Security. Anything above this amount is not taxed.
This is taxed at 1.45% of wages and there is no wage base limit.