FICA taxes are the Social Security and Medicare taxes paid by individuals and employers. The total FICA tax (in 2008) is 15.3%. The Social Security portion is capped each year at a set amount; the Medicare portion is not capped.
If you are self-employed, you must pay the entire amount - 15.3 percent. Employees and employers each pay half of the entire amount, or 7.65 percent each.
