pwdaughtry
Mar 14, 2009, 04:47 PM
What are the formulas for withholding medicare, social security,federal,and state taxes for the state of Georgia?
Wildsporty
Mar 31, 2009, 06:58 AM
For withholding taxes in any state it is always 6.2 per cent for Fica and 1.45 percent for medicare up to the fica limit.
For federal and state it depends on what you have listed on your W-4 form that you fill out when you begin a job. The tax tables are changed periodically and your withholdings for federal and state are figured using those tables.
The Federal table may be found by requesting the publication Circular E which is an employer's guide. You can get it from the IRS site Internal Revenue Service (http://www.irs.gov)
The state rates are from your state tax tables which you can obtain from your local state tax commission.
Shirley