When do you subtract social security?

Question

I know it's after federal taxes but is it a monthly, weekly, or yearly thing? I know it is 7.65%. If you don't mind lets say I make 400.00 dollars weekly, 1600.00 monthly, and 19200.00 yearly. What am I left with after federal and social security taken away.

Answer 1

Your entire income (before federal and state taxes are taken out) is subject to both social security and medicare. Social security is taxed at 6.2% and medicare is taxed at 1.45% for a total of 7.65%. Beyond that, your entire income is subject to Federal income tax, state income tax (most states) and possibly local income tax. The amount the Feds take out depends on how you fill out your W-4. Some states are also very complicated, while some use a flat tax which makes it easy. Pennsylvania, for example, taxes your income at 3.07%. If you make $400 each week, you will lose $30.60 to social security and medicare. If you claim Single 0 on your W-4, your employer will withhold an additional $46 per week for federial income taxes plus whatever for state. If you are single 1, they will withhold $37. Single 2, $27. Single 3, $17. Married 0, $25. Married 1, $19. Married 2, $12. OK?

Answer 2

Assuming you take 1 exemptionand single for federal withholding and getting paid every 2 weeks:

400x2=800 * .0765 = 61.20 Social Security/Medicare
Federal Withholding 70 (

Net Pay 800-61.20-70=668.80 for 2 weeks