Medicare and Social Security taxes are part of the Federal Insurance Contributions Act (FICA) tax, which is a payroll tax that funds both Medicare and Social Security programs. The Medicare tax rate is 1.45% for employees and employers, each, making a total of 2.9%. However, for high-income earners, there is an additional 0.9% Medicare tax. This additional tax applies to individuals earning over $200,000 and married couples filing jointly earning over $250,000. It's important to note that the employer also pays a matching 1.45% for the additional 0.9% Medicare tax. The Social Security tax rate is 6.2% for employees and employers, each, up to a certain income limit. For 2024, the Social Security tax applies to the first $147,000 of an individual's income. Once an individual's income exceeds this threshold, they no longer pay the Social Security tax. Self-employed individuals are responsible for both the employee and employer portions of these taxes, resulting in a total FICA tax rate of 15.3% for Medicare and Social Security combined. It's important to stay informed about any changes in tax rates and income thresholds, as these can impact your tax obligations. Always consult with a tax professional or refer to the official IRS publications for the most up-to-date information.