What is the FICA tax rate for Social Security?

The FICA tax rate for Social Security is set at 6.2% on earnings up to a specified wage base limit. This wage base limit is subject to annual adjustments, but for 2023, it is $160,200. The 6.2% rate applies to employees' earnings, and the same percentage is matched by employers, making the total contribution 12.4% on eligible earnings. This structure ensures that individuals contribute to the Social Security program, which provides benefits for retirees, disabled individuals, and survivors.

Other options propose incorrect percentages or structures that do not align with the federal regulations governing FICA deductions. For instance, rates higher than 6.2% or those applicable without a wage base limit do not reflect the current legal framework, while options quoting much lower rates diverge significantly from established tax law.