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Home > Money & Services > Taxes   »   Taxes

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Old Nov 24, 2006, 06:48 PM
Too Short
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Taxes
If you had a semimonthly salary of 6800 how would you compute the Fica taxes
that would be withheld from your

9th pay check
14th pay check
24th pay check

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Old Nov 25, 2006, 11:29 AM   #2  
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The Medicare tax is same for all three checks: Multiply the gross salary by 1.45%, which is $98.60.

For the 9th check, for Social Security, multiply the gross salary by 6.2%, which is $421.60.

On the 14th check, the employee exceeds the $90K limit by $5,200, so, for the 14th check, you multiply $1,600 by 6.2%, which is $99.20.

On the 24th check, only Medicare is withheld.
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Old Nov 25, 2006, 11:48 PM   #3  
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Thank you very much
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Old Nov 26, 2006, 11:41 AM   #4  
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Glad to help!
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