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The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.

The maximum social security contribution limit is 6621 at 6.2% up to gross wages earned income limited amount of 106800. No limit on the amount of gross earned income that is subject to the Medicare tax rate of 1.45% of gross income.

If you are a self employed taxpayer then you are responsible for all of your own FICA self employment taxes of 15.3% plus any income taxes on your net profit from your business operation at your marginal tax rate.

For those with well above average income, the Federal income tax withholding may be far more than FICA; FICA is capped, but income tax and the medicare tax is not.

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