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You can use the following calculator to determine how much tax will be deducted from your paycheck:

http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp

Remember that the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is something YOU control and not fixed by law. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year, and depends on all of your income (interest, investments, other jobs, gambing winning, etc), and deductions (some expenses, like mortgage interest) and number of dependents, etc. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted. If not enough was paid as an estimate for ALL your income by this withholding (and other estimated payments through the year), and the amount was substantial you may be subject to interest.

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16y ago

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Social security amd medicare are taking out of your income as taxes?

Yes. Social Security and Medicare are taken out of your income before you see your paycheck. Your employer also pays an additional Social Security and Medicare tax to your account.


What is the income threshold for exemption for Medicare deduction from Social Security?

There is no income threshold for Medicare taxes. While the 6.2% Social Security tax is only deducted from the first $106,800 of gross income, you continue paying 1.45% for Medicare on all wages earned.


What percent of your paycheck goes to taxes in CO this includes SS Medicare state and federal tax T'm paid 8 an hr and filed 1 exemption?

Assuming that you are single and work 40 hours per week and are paid weekly: Social Security 6.2% 19.84 Medicare 1.45% 4.64 Federal IT withholding 24.00 Colorado IT withholding 11.00 Total taxes withheld 59.48 Percent of wages 18.5875%


What is the percentage of income that will be withheld from any employees paycheck for social security and medicare taxes?

For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.


What is deducted from a workers paycheck to fund social security and medicare?

Social Security is funded by FICA; Medicare is funded by Medicare tax.


What is the total percentage of income that will be withheld from any employee's paycheck for Social Security and Medicare taxes?

For 2012, the Social Security (FICA) deduction is 6.2%; the Medicare deduction is 1.45%, for a total of 7.65%. The employer pays the same percentages.


What does FICA ER on paycheck mean?

On a paycheck, FICA stands for Federal Insurance Contributions Act. FICA is the United States Federal employment tax that is imposed to fund Medicare and Social Security.


How do you calculate taxes on your paycheck?

To calculate taxes on your paycheck, your employer withholds a percentage of your income based on your tax bracket and filing status. This includes federal income tax, Social Security tax, and Medicare tax. The amount withheld is based on the information you provide on your W-4 form.


FICA includes taxes to pay for?

Social security and medicare


What is the total amount of taxes being deducted from my paycheck?

The total amount of taxes being deducted from your paycheck is the sum of federal, state, and local income taxes, as well as Social Security and Medicare taxes.


How much would be deducted from a 2000 monthly paycheck for FICA?

for fica deductions if you want your social security and medicare deductions separate its 1.45% for social security and 6.2% for medicare the monthy total would be %149.00 a month signed a tenth grader in Missouri


Does your employer still withhold Social Security if you are retired and collecting Social Security?

Yes. If you work after retirement, you will still have contributions to Social Security and Medicare (FICA) withheld from your paycheck at the same rate as before retirement.