Question
how do i calulate my ss witholdings from my paycheck? i know its 6.2% of my earnings. So if i made 551.65 for the year i would take 551.65*6.2% and subtract that answer from the 551.65?
Answers
drwls
The withholdings amount is the 6.2% of earnings.
You don't subtract it from the earnings to get the amount withheld. That is the amount left over, but your employer may be withholding other things too.
You don't subtract it from the earnings to get the amount withheld. That is the amount left over, but your employer may be withholding other things too.