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How to Calculate Payroll Taxes?

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Christa Jocelyn Posted

How to Calculate Payroll Taxes?

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  • paycheckmanager.com
  • paycheckcity.com
  • esmartpaycheck.com
  • superpayroll.com
  • payrollforamerica.com

Every individual state’s tax board provides a calculating formula for tax withheld. You must know your current tax rates. The Social Security tax rate for employees in 2015 is 6.2% or .062. The Medicare tax rate is 1.45% or.0145. After reaching $118,500 in wages, Soc. Sec. deductions cease for both employee and employer. The wage base amount is determined on a year-by-year basis. Medicare contributions continue regardless of wages. 

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