2024 FICA Tax Rate for Self-Employed
The self-employed person’s FICA tax rate for 2024 (January 1 through December 31, 2024) is 15.3% on the first $168,600 of net income plus 2.9% on the net income in excess of $168,600. In other words, the self-employed person’s FICA tax rate for 2024 includes all of the following:
- the employee’s portion of the Social Security tax, which is 6.2% of the first $168,600 of net income
- the employer’s portion of the Social Security tax, which is 6.2% of the first $168,600 of net income
- the employee’s portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income)
- the employer’s portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income)
A self-employed person having net income of exactly $168,600 in 2024 must remit FICA taxes of $25,795.80. ($168,600 X 15.3%).
2025 FICA Tax Rate for Self-Employed
The self-employed person’s FICA tax rate for 2025 (January 1 through December 31, 2025) is 15.3% on the first $176,100 of net income plus 2.9% on the net income in excess of $176,100. In other words, the self-employed person’s FICA tax rate for 2025 includes all of the following:
- the employee’s portion of the Social Security tax, which is 6.2% of the first $176,100 of net income
- the employer’s portion of the Social Security tax, which is 6.2% of the first $176,100 of net income
- the employee’s portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income)
- the employer’s portion of the Medicare tax, which is 1.45% of all net income (no cap or limit on net income)
A self-employed person having net income of exactly $176,100 in 2025 must remit FICA taxes of $26,943.30 ($176,100 X 15.3%).
There is also an Additional Medicare Tax that applies to higher income taxpayers. Information on the Medicare surtax and other income tax information can be found at www.irs.gov.
