Trying to figure out % for my payroll Social Security, Medicare, and Federal and Pri-State taxes. Any suggestions?
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Trying to figure out % for my payroll Social Security, Medicare, and Federal and Pri-State taxes. Any suggestions?
What you can depend on is that the Social security tax will always be 6.2% and the Medicare tax will always be 1.45 for a total of 7.65 for Fica and Medicare taxes.
Colorado supplemental rates for tax are 4.63% and state supplemental rates for tax are 25%.
If you have deductions they may be less than that but it would go according to your W-4 form and how you have filled it out.
Also you need to deduct any pretax deductions such as 401K or cafeteria medical insurances.
There are some sites that have payroll calculators that may help you.
Payroll-Taxes.com - Paycheck Calculators
PaycheckCity.com | Web-Based Paycheck Calculators
Tax Calculators & Payroll Calculators - Free Income Tax Calculator to Calculate Payroll Tax Withholding and Paycheck Deductions
If this does not answer your question let me know and I will see if I can answer in more detail.
Shirley
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