Fica Medicare Percentage 2024 Nj. Fica combines social security and medicare taxes for a total rate of 15.3%, but the cost is split between each party. The medicare tax rate for 2024 remains at 1.45% of all covered earnings for employers and employees.

Employers are required to withhold 1.45% of each employee’s taxable wages to cover it. Your new jersey employer is responsible for withholding fica taxes and federal income taxes from your paychecks.