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Calculating Payroll Taxes By Adote Akue. Payroll Taxes Consist of: Social Security Tax (6.2%) Medicare Tax (1.45%) State Income Tax (1.4%) Federal Income.

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Presentation on theme: "Calculating Payroll Taxes By Adote Akue. Payroll Taxes Consist of: Social Security Tax (6.2%) Medicare Tax (1.45%) State Income Tax (1.4%) Federal Income."— Presentation transcript:

1 Calculating Payroll Taxes By Adote Akue

2 Payroll Taxes Consist of: Social Security Tax (6.2%) Medicare Tax (1.45%) State Income Tax (1.4%) Federal Income Tax (P.310-311) State Unemployment Tax (SUT)(5.4%) Federal Unemployment Tax (FUTA) (0.8%) also known as FICA

3 Net Pay

4 Example: Married Person, 1 withholding Allowance, Earned $1000 this pay period GROSS PAYTAX RATE AMOUNT OF TAX YOU PAY Social security tax1000X.062$62 Medicare tax1000X.0145%$14.5 State income tax1000X.014%$14 Federal income tax1000, married, 1 allowance Pg. 311$95 State unemployment tax1000X.054$54 Federal Unemployment tax1000X.008%$8 Total Taxes$233 Net Pay = $1000- $233= $767.

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