I need to know what the EXACT withholdings of my paycheck are?

Question

Ok basically I just became the new office manager and I have never done payroll in my life. Now my boss wants on the pay stubs for the actual Federal, Social Secuity and Medicare tax percentage to show. (We have no state tax since we are in Florida) I know that the Medicate tax is 1.45% rate but what it the S.S and Federal % rate?

Take the following paystub example which is how they are printed now

Gross Earnings is 885.88
Soc. Sec. 54.92
Medicare 12.85
Fed 20.90
Check amount 797.21

but now the boss wants it this way

Gross pay 885.88
?.??% for Soc. Sec equals 54.92
1.45 % for Medicare equals 12.85
?.??% for Federal equals 20.90
Check Amount 797.21

Can you help me fill in the missing percantages? and also how can i incorporate all this information in an excell sheet so it can calculate it atomatically by just inputting the gross pay?

Answer 1

The Soc Sec tax is 6.2% of the first $94,200 of wages paid during the year to you by your employer. The fed w/h is per charts published by the government. You can go to IRS.gov a look up the amount of w/h per the appropriate table.

Answer 2

If all you are being asked to do is find percentages...if someone is supplying you with the dollar amounts and asking you to do the percentages, you can calculate the percentages by taking the dollar amount of each line and dividing by the gross pay then multiplying by 100. For example, social security percentage could be found by taking 54.92 and dividing by 885.88, then multiplying by 100 to get 6.20%. But that assumes that you are given correct numbers to begin with. For example, usually 6.2% of your gross pay is subject to social security, but not always. If your income goes above a certain amount, you no longer have to put money into social security. Some items like 401k lower your federal taxable gross pay, but not your social security or medicare gross pay.

Again, if you boss gives you correct amounts and simply wants you to find percentages, OK...just divide each line amount by the gross pay and multiply by 100. But, if your boss wants you to come up with the dollar amounts as well, get some help.