Better understanding my payroll check.
Can someone tell me how to figure out what is being taken out of my check for social security, Medicare and federal withholdings? I live in New Hampshire and I pulled the numbers which I thought where right from the internet and did my math. However the math I did compared to my paycheck doesn’t match.
This is what I did.
According to my pay check I made 840.00 this week.
For federal withholdings (7.35) I took,
840.00 x 7.35 = 6174 -> move the decimal 2 = 61.74
For social security (6.20) I took,
840 x 6.20 = 5208 -> move the decimal 2 = 52.08
For Medicare (1.5) I took,
840 x 1.5 = 12.60 -> move the decimal 2 = 12.60
So then I added the three and got, 126.43
I then subtracted 126.43 from 840.00 = 713.57
Which to me means my check should be $713.57 and it’s actually $678.74.
Where am I going wrong? If someone could help me out I’d greatly appreciate it so I can better understand what’s being taken out and as well so I can better predict my paycheck. I don’t have anything else coming out of my pay check and if it helps I’m living in New Hampshire.
Thanks! – Alicia :confused: