Fica Medicare Percentage 2024 Chart. The medicare tax funds the medicare program, which provides healthcare benefits to individuals aged 65 and older and certain groups of younger individuals. Each year, the medicare part b premium, deductible, and coinsurance rates are determined according to provisions of the social security act.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. Social security and medicare taxes are based on gross earnings of each employee each year.
