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Results tagged with withholding
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user 51982
related to the practice, at times required by law, of deducting money upfront before paying the balance. Generally used in the context of taxes.
14
votes
3
answers
6k
views
401k and Payroll Deduction - $0 Take Home
Of the remaining $190.95, $44.87 was taken out for for federal withholding, $27.69 for Medicare and $118.39 for Social Security. … There was nothing remaining to be taken out out for state withholding (Illinois).
I am married and claim one state and one federal exemption. I do not have a Roth IRA that I'm contributing to. …
- 371
24
votes
401k and Payroll Deduction - $0 Take Home
I found the answer. It turns our FICA taxes (Social Security and Medicare) are based on the full gross pay, not after the 401k deduction.
Your 401(k) deductions do not reduce FICA wages. Your 401( …
- 371