Utilize our FICA Medicare Payroll Tax Calculator for 2024 to quickly estimate your employee share. Understand the 1.45% standard rate and how the additional 0.9% Medicare tax might apply to your wages based on filing status. Perfect for budgeting and financial planning.
Formula:
Medicare Tax = (W * R_std) + (max(0, W - T) * R_add)
Where:
- W = Annual Gross Wages
- R_std = Standard Medicare Tax Rate (1.45%)
- R_add = Additional Medicare Tax Rate (0.9%)
- T = Income Threshold for Additional Medicare Tax (varies by filing status)