First, let's calculate the FICA taxes: FICA taxes = 46,500 * 7.65% = 3,557.25 dollars Now, let's subtract all the taxes from Heather's annual salary: Take-home pay = 46,500 - 3,200 - 930 - 3,557.25 = 38,812.75 dollars Therefore, Heather's take-home pay will be $38,812.75 per year.
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
The FICA -MC on your paycheck is a reference to the deduction for Medicare. The Medicare deduction should be 2.9 percent of your total earnings.
If the employee's gross pay is in column A, line 1, and you want the FICA deduction in column B, then the formula in B1 is A1*.0765
Find the annual amount of FICA at a 7.51% rate by computing his annual salary
FICA percent is 15.3% regardless of the number of dependents If you are self employed you pay the full 15.3% which is 12.4% social security and 2.9% medicare If you are employed by someone else you pay half of the FICA or 7.65% of which 6.2% is social security and 1.45% is medicare. You employer than pays the other half.
47000 times 7.65 % the amount of FICA would be 3595.50.
The FICA rate of 15.30 % is paid half by the employer and half by the employee...or entirely by the taxpayer if self employed (or self employed income). However, what is considered fica taxable earnings is different than either your gross wage or even income taxable wages....ang you have to calculate it first.
employers pay the fica tax
what is the FICA rate for 2011
No. However, if you have wages that have been subject to FICA withholding your do not have to pay self-employment tax. SE Tax is 15% on all self-employment income. The FICA withholding from wages is only 7-1/2 percent for you and the employer pays the other 7-1/2 percent.