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What is the calculation for the social security tax

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Reference no: EM132819444

Question - An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2020. He earns $10,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $139,000 during the year. He has requested that his employer withhold 9% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding = $ 2966.26

Taxable income for social security tax = $

Taxable income for medicare tax = $ 3259.63

What is the calculation for the social security tax?

Reference no: EM132819444

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