What percentage is typically associated with the FICA tax?

The percentage typically associated with the Federal Insurance Contributions Act (FICA) tax is 7.65%. FICA tax is comprised of two components: Social Security and Medicare taxes. Specifically, the Social Security portion is 6.2% on earnings up to a certain wage base limit, while the Medicare portion is 1.45% on all earnings, resulting in the total of 7.65%. This tax is deducted from employees' wages and matched by employers, ultimately contributing to the federal programs that support retirees and individuals with disabilities, as well as providing Medicare benefits for eligible individuals. The percentage reflects the commitment of both employees and employers to fund these social safety net programs.