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How do employers compute fica taxes for the pay period for 6200.00?
Wiki User
∙ 13y ago
Gross earning that would be subject to FICA 6200 multiplied by 15.3%. That total dollar amount is then divided by 2 and 1/2 of that amount will be withheld from your gross earnings the other 1/2 amount will be paid by your employer to come up with the total 15.3% amount that will be remitted to the the SSA for your social security benefits amount.
Each pays 7.65 % of the 15.3 % amount of 948.60. Each would be subject to 474.30 of FICA taxes.
Wiki User
∙ 13y ago
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Which forms of reference should you use in order to calculate pay period earnings and taxes?
Employers supplemental pay guide
Do government tax agencies use accounting information to compute taxes?
Yes
How is state unemployment funded?
Employers deduct a portion of employees' paychecks to deposit into an unemployment insurance fund each pay period.
Is taxes withheld from paychecks that pay an employers portion of Social Security taxes?
you bet
Employers withhold what from each paycheck?
payroll taxes
Who pays FICA taxes?
employers pay the fica tax
Employers incur operating costs for payroll taxes?
fica
When did employers have to start paying payroll taxes?
Every month
How are social security retirement paid for?
taxes on employers and employees.
Should an employee pay unemployment taxes?
No, Employers pay it.
What are social security and medicare financed by?
Payroll taxes on employers and employees.
Are Social Security Taxes on employees or employers?
Both. Employers and employees contribute an equal percentage of the employee's income to Social Security.
