2016 FICA Tax Rates Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates . 7.65% on first $118,500 of income . 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 15.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Omar has $204,300 of income from work and is not self-employed. How much will Omar have to pay in FICA taxes? Enter an integer or decimal number more