determining payroll tax withholding. payroll taxes based on employee’s total earnings employee...
TRANSCRIPT
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DETERMINING PAYROLL TAX WITHHOLDING
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PAYROLL TAXES
Based on employee’s total earnings Employee Income Tax
FICA Taxes Social Security Tax
Medicare Tax
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SOCIAL SECURITY AND MEDICARE TAX
Social security Federal tax paid for old-age survivors and disability
insurance.
Medicare tax Federal tax paid for hospital insurance
Both of these taxes are based on percentages. (total earnings * tax percentage)
These taxes are paid by both the employer and the employee.
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WITHHOLDING ALLOWANCE
A deduction from total earnings for each person legally supported by a tax payer including the employee.
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W-4 EMPLOYEE’S WITHHOLDING ALLOWANCE CERTIFICATE
Name
Marital status
SSN
Withholding Allowances
Date
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LESSON 12-2 6
EMPLOYEE’S INCOME TAX WITHHOLDING – MARRIED PERSONS
1
2 3
1. Select the appropriate table.
2. Locate the employee’s total earnings.
3. Intersection of wages and number of allowances column.