Sunday, November 21, 2010

Is there a table to figure out payroll tax withholding percentages?

I am only looking for federal tax witholding information. Is there a tax table that shows the percentage witheld for biweekly income? I'm married, and I only claim 2... but I would like to have a variety of claims to compare what is witheld.



Social Security Tax % witheld based on income?

Medicare Tax % witheld based on income?

Federal Tax % witheld based on income?



I want to be able to look at the chart, and figure out how much will be taken, exactly, every paycheck that I receive.



Thanks.Is there a table to figure out payroll tax withholding percentages?
For federal tax withholding, use Publication 15: http://www.irs.gov/pub/irs-pdf/p15.pdf



If you read pages 36 - 39, you'll be able to calculate your federal tax withholding exactly.



Social security tax is 6.2% of gross compensation up to a limit of $102,000 of compensation



Medicare tax is is 1.45% of wages with no limit.

=====



I've got an Excel spreadsheet set up to do the same thing. I can enter each gross paycheck amount, the spreadsheet does the calculation, and I can forcast what my various withholdings are. That way, I can be sure whether my taxes paid for the year will cover my taxes due when I file.Is there a table to figure out payroll tax withholding percentages?
Publication 15, circular E - download at irs.gov



It might be easier to just enter the info at paycheckcity.com for your various options

No comments:

Post a Comment