While your employer typically covers 50% of your FICA taxes, this is not the case if you are a self-employed worker or an independent contractor. If you earn wages in excess of $200,000 (single filers), $250,000 (joint filers) or $125,000 (married people filing separately), that money is subject to a 0.9% Medicare surtax, which employers do not match. Your employer typically matches these percentages for a total of 12.4% received for Social Security and 2.9% for Medicare. You’ll pay 6.2% and 1.45% of your income for these taxes, respectively. FICA (Federal Insurance Contributions Act) taxes are Social Security and Medicare taxes. states, you have to pay federal income and FICA taxes in Tennessee. Number of cities that have local income taxes: 0Īs is the case in all U.S.Median household income: $62,166 (U.S.
