Tax Information

2002 Social Security FICA Tax Rates

The FICA tax, also known as the Social Security tax, is paid equally by the employer and employee. This tax is composed of two elements:

1. OASDI -- The old age, survivor and disability portion of the tax is paid on wages up to the maximum covered wage base for the year.

2. HI -- The hospital insurance or Medicare portion of the tax is paid on all wages, without limit.
 
 

2002 FICA Tax Rates

	OASDI Portion		HIPortion
Paid by:	2002 Tax Rate	2002 Covered Wage Base	2002 Tax Rate	2002 Covered Wage Base	Total Tax Rate
Employer	6.20%	$84,900	1.45%	unlimited	7.65%
Employee	6.20%	$84,900	1.45%	unlimited	7.65%
			Combined	Tax Rate	15.30%

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