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An employee works 47 hours 7 are overtime during a workweek. He earns $39/hour with his...

An employee works 47 hours 7 are overtime during a workweek. He earns $39/hour with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $126,550 during the year. He withhold 6% of gross pay to 401k. Need to know taxable income for Federal withholding, social security tax, and medicare tax.

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Answer #1

As per fedral law, By Employer Rate of Social security tax Medicare taxes 6.20% 1.45% 7.65% By Employee 6.20% 1.45% 7.65% 12.40% 2.90% 15.30% Withholding taxable income excluded contribution for social security tax & Medicare tax iiceca Secu re higher tcome tan. Wages for social security $1,26,550.00 Wages for medicare taxes $1,26,550.00 Since, 7.65% tax i.e. social security & medicare paid by employee Hence only 92.35% of total income will be taxable for fedral tax Wages for fedral tax $1,16,868.93

I hope this clarifies your question. Pls rate and comment in case of any query.

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