my employer is taking over 10%
2007-07-17 20:52:31 · 5 answers · asked by maria c 1 in Business & Finance ➔ Taxes ➔ United States
For 2007 the employer will withhold 6.2% of your earnings up to $97,500 for a total withholding of $6,045. In addition the employer will withhold 1.45% of your earnings for medicare tax. There is no limit on the amount of earnings that are subject to this tax.
2007-07-17 23:56:31 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋
The rate for social security & medicare combined is 7.65%. In 2007, the income limit for withholding is $97,500. This is the maximum that can be withheld. The employer also must match this amount.
2007-07-17 23:40:47 · answer #2 · answered by crazydave 7 · 0⤊ 1⤋
Social Security tax is 6.2%. The Medicare tax is 1.45%. An employer cannot withhold any more than those amounts. However, income taxes have no such limits.
2007-07-17 22:24:32 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
If 10% is being deducted for social security and medicare, that's too much - should be 7.65% total for the two. Talk to your payroll department and ask them what's going on.
2007-07-18 03:37:15 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Go here this site tell you exactly for your state.
http://www.paycheckcity.com/netpayhratescalc/netpayHRatescalculator.asp
2007-07-17 21:11:10 · answer #5 · answered by LeteshaSC 3 · 0⤊ 1⤋