I'm trying to confirm that my paycheck is being cut properly. I looked through the amounts being deducted for Fed tax, Social Security and Medicare, but I needed to know what percentage of each is supposed to be taken from the gross income. Also when the percentages are cut from the gross amount, is each amount taken individually from the whole? I hope this makes sense. Thank you in advance for your help.
2007-09-05 16:38:34 · 11 answers · asked by Smita 4 in Business & Finance ➔ Taxes ➔ United States
Social Security: 6.2% of the first $97,500 in wages for 2007.
Medicare: 1.45% of all wages.
FITW: Based upon your gross wages, filing status, and number of withholding exemptions claimed. Go here for some handy estimators: http://www.paycheckcity.com
2007-09-05 16:44:35 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Medicare Percentage
2016-10-01 10:20:12 · answer #2 · answered by lukman 4 · 0⤊ 0⤋
RE: Federal Taxes withheld in Texas? Hey there I'm writing out a budget for myself... yada and I need to figure the percentage of Federal Taxes deducted from my gross income. I have figured social security and medicare which is a fixed rate. But what would the formula be to distinguish the percentage held for Federal Taxes in...
2016-05-17 18:18:56 · answer #3 · answered by josefa 2 · 0⤊ 0⤋
Besides the standard 6.2 and 1.45 there may be a medicare surcharge of .9 if you earn enough, depending on your filing status etc. It is quite a high amount that you must earn, though, before you pay this. Also, the 6.2 is limited to a certain amount, over that you don't pay social security
2015-08-03 00:51:48 · answer #4 · answered by Ann B 2 · 0⤊ 0⤋
It all depends how much money you make and how many exemptions you have taken. Figure around 23%
Your employer pays 1/2 of your social security of about 6.2%
Total Social Security is about 12.4%
Tax Bracket 15% Estimate
Social Security 6.2%
Medicare 1.5%
These are all estimates
2007-09-05 16:43:29 · answer #5 · answered by $1,539,684,631,121 Clinton Debt 6 · 1⤊ 1⤋
Social Security Disability Evaluation : http://DisabilityHelp.siopu.com/?WiJ
2017-04-04 06:31:14 · answer #6 · answered by Apolonia 3 · 0⤊ 0⤋
Those are federal programs, and the deductions are the same in every state.
Social Security is 6.2% of wages, and stops after you pay in $6,045 in one year.
Medicare is 1.45% with no limit per year.
2007-09-05 18:33:04 · answer #7 · answered by Let me steer you 7 · 0⤊ 0⤋
What is your withhold set up for? Single? Married? How many exemptions?
How much do you earn? How often are you paid?
It's NOT a set amount!
2007-09-05 16:42:13 · answer #8 · answered by Anonymous · 2⤊ 0⤋
Generally about 1/3 of your earnings. It's pretty close to that wherever you are!
2007-09-05 16:42:09 · answer #9 · answered by char__c is a good cooker 7 · 0⤊ 4⤋
I would talk to each of the represantatives myself
2007-09-05 16:45:21 · answer #10 · answered by pjmatt64 1 · 0⤊ 4⤋