Multiply employees’ gross wages by the current Social Security contribution rate of 6.2%. The other 6.2% will be paid by you, the employer. For example, an employee earning USD$6,000 will have a Social Security tax deduction of USD$372 (6000 × 0.062). Medicare Contributions Multiply emplo...
Reports on a federal court's decision that in calculating the amount of federal and state tax withholding applicable to a qualified pension plan distribution, the gross amount of such pension benefits must be reduced to give effect to the amount of any salary simultaneously forfeited by the ...
Employers are now responsible for withholding an additional 0.9 percent from an employee’s gross wages or salary if they reach a certain threshold. The applicable threshold depends on the employee’s tax filing status. Currently, it’s $250,000 for married filing jointly, $125,000 for married...
Form 8582 is a tax document specifically designed to calculate how much passive activity loss can be claimed on your tax return in a given year