The final step to calculate the FICA tip tax credit is to multiply the amount of creditable tips by theMedicare and FICA tax rate, which is 7.65 percent. This calculation looks like: $782 x 7.65 percent. Based on this calculation, you would receive a total FICA tip credit of $59...
From yourPaycheck Stub, take theGross Salary. Don’t deduct anything from the Gross Salary like Medical Tax, Social Security Tax, Fed Tax or anything else. Normally, Gross Salary and Deductions are shown in different columns. Here’s a sample Paycheck stub showing the gross salary. ...
Given the power of inflation, to neither max out your 401(k) nor invest an additional 20%+ of your after-tax income if you don't have a pension is risky. When it comes to your money, it's always better to end up with too much than too little. How To Calculate The Value Of A ...