Compute the taxable income for social security tax

Reference no: EM132847015

Question - An employee works 47 hours (47 - 40 were overtime hours) during a workweek in December of 2020. He earns $39/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $135,850 during the year. He has requested that his employer withhold 6% of gross pay, which is to be contributed to a 401(k) plan.

Required -

1. Compute the taxable income for federal income tax withholding?

2. Compute the taxable income for social security tax?

3. Compute the taxable income for medicare tax?

Reference no: EM132847015

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