FICA and FUTA Taxes

Question 1

What must the employer pay for employment taxes?

Answer 1

6.2% of the first $168,600 (2024) for social security
1.45% of all wages for medicare. No cap

Question 2

May the employer deduct its share of employment tax payments?

Answer 2

Yes

Question 3

How much must the employer withhold from the employee’s paycheck for employment taxes?

Answer 3

7.65% of first 168,600 (2024)
1.45% from 168,600-200,000
2.35% above 200,000

Question 4

How much must the employer pay for FUTA, Federal Unemployment Taxes?

Answer 4

6.0% on first $7,000 of wages.