Medicare Tax Rate 2024 Limitation

Medicare Tax Rate 2024 Limitation. The 2024 medicare tax rate is 2.9%. After the amendment, the tax rate has increased to 20%, resulting in a tax liability of rs 400 (20% of rs 2,000).

Here’s the breakdown of the 2024. You’re typically responsible for paying half of this amount (1.45%), and your employer is responsible for the other half.