FICA Tax Explained: Social Security & Medicare Breakdown (2026)

Understand FICA taxes on your pay stub. Learn the 2026 Social Security and Medicare rates, wage caps, and how to calculate your FICA withholding.

Published by the BestPaystubGen Editorial Team — certified payroll professionals, CPAs, and HR experts covering paystubs, payroll compliance, federal and state taxes, W-2 forms, 1099 contractors, FICA, gross vs net pay, and IRS regulations updated for 2026.

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Payroll Glossary — Key Terms Explained

Definitions of the most common payroll terms referenced in this article:

• FICA (Federal Insurance Contributions Act)
• Social Security Tax (OASDI 6.2%)
• Medicare Tax (1.45%)
• Federal Income Tax (FIT)
• State Income Tax (SIT)
• Gross Pay
• Net Pay (Take-Home Pay)
• 401(k) Contribution
• Form W-4 (Withholding Certificate)
• Form W-2 (Wage and Tax Statement)
• Form 1099-NEC (Non-Employee Compensation)
• Overtime Pay (FLSA 1.5x)
• Exempt Employee
• Non-Exempt Employee
• Minimum Wage
• Wage Garnishment
• Direct Deposit
• Pay Period
• Health Insurance Premium
• Health Savings Account (HSA)
• Flexible Spending Account (FSA)
• Year-to-Date (YTD)
• Browse Full Payroll Glossary (44+ Terms)