can someone show me how to calculate FICA-SS, Med, federal and state withholds for paychecks in connecticut? and what is retro wages?
2006-09-17 22:45:15 · 1 answers · asked by Unknown 1 in Business & Finance ➔ Taxes ➔ United States
I can answer some of that! FICA is 6.2% of gross taxable wages (meaning gross pay after any 401(k), cafeteria plan, HSA, etc). Medicare is 1.45% of gross taxable wages. For CT withholding and federal income tax withholding, there are books you can get from the respective government authorities. Go to http://www.irs.gov and get Circular E for the specifics on federal individual income tax withholding. That circular will also let you know when you need to make your payroll tax deposits.
If this stuff is new to you, you should probably get in touch with an accountant. There are lots of details involved with payroll taxes that I can't go into here. An accountant is your business's best friend. Call today!
2006-09-18 02:46:12 · answer #1 · answered by SuzeY 5 · 0⤊ 0⤋