Single? Married? Bi-weekly pacheck? Monthly Paycheck?
Do your own calculation and verify with your CPA. Here is
1. Single with Bi-weekly: 0 wihtheld for
2. Single with monthly: 0 withheld for
3. Married with Bi-weelky: 0 withheld for
4. Married with Monthly: 0 withheld for
Over the amount listed:
BI-WEEKLY EMPLOYEES: GROSS less (Number of allowances on W-4 x 130.77)
MONTHLY EMPLOYEES: GROSS less (Number of allowances on W-4 x 283.33)
SOCIAL SECURITY (FICA): The social security wage base for 2007 is $97,500. There is NO wage base limit for Medicare. The Social Security tax rate will remain 7.65% for employees and employers. It is composed of 6.2% for OASDI (Old Age, Survivors, and Disability Insurance) and 1.45% for Medicare (Hospital Insurance).