FICA is often referred to as the Social Security tax. For the calendar year 2021, the first $142,800 gross taxable wages are subject to the FICA tax rate of 6.2 percent. The maximum amount of FICA tax which an employee will pay for 2021 is $8,853.60. If you work two or more jobs and each employer withholds FICA tax and the total FICA tax paid by you in 2021 exceeds $8,853.60, you are entitled to a tax credit for the amount exceeding $8,853.60 when you file your 1040 for 2021. All the gross taxable wages earned in 2021 are subject to the Medicare tax rate of 1.45 percent. There is no maximum or ceiling to the amount of Medicare tax which you pay.
