What is the Medicare Tax Rate in 2020? Definitions & Explanations
By Dannie Phan | June 9, 2020
Every U.S. citizen that earns wages must pay FICA (Federal Insurance Contributions Act) taxes. These taxes comprise: 6.2 % Social Security 1.45 % Medicare tax These taxes are contributed by both the employee and the employer, so in fact a total of 15.3 % of an employee’s gross salary is…