Question
An employee works 47 hours (47 - 40 were overtime hours) during a workweek in December of 2019. He earns $39/hour, with his employer paying
An employee works 47 hours (47 - 40 were overtime hours) during a workweek in December of 2019. He earns $39/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $131,050 during the year. He has requested that his employer withhold 6% of gross pay, which is to be contributed to a 401(k) plan. Taxable income for federal income tax withholding = $ Taxable income for social security tax = $ Taxable income for medicare tax = $
This is for payroll accounting. Im having trouble with getting the taxable income for social security tax. If you could show me the steps to get that answer that would be great.
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