FICA Wage Limits and Tax Rates
To determine the amount of your gross pay subject to Social Security taxes, up to the wage base limit:
1. Start with your gross pay amount.
2. Add any taxable fringe benefits and taxable employer-paid deductions (see Understanding Your Pay Statement).
3. Subtract amounts you paid in any before-tax deductions programs you participate in:
- Employee insurance benefits
- Parking deductions
- Health care or dependent care reimbursement deductions
The remainder is your social security taxable gross.
Note: Since 2013, an additional .9% Medicare tax is withheld when employees' wages exceed $200,000. The additional Medicare tax starts with the pay period in which your wages exceed $200,000.
FICA Yearly Limits
|Year||Annual Social Security Wage Base Limit||Social Security Tax Rate||Maximum Annual Social Security Tax Withholding||Annual Medicare Wage Base||Medicare Tax Rate||Additional Medicare Wage Base||Additional Medicare Tax Rate|
|2015||$118,500||6.2%||$7,347.00||No annual limit||1.45%||$200,000||0.9%|
|2014||$117,000||6.2%||$7,254.00||No annual limit||1.45%||$200,000||0.9%|
|2013||$113,700||6.2%||$7,049.40||No annual limit||1.45%|