1. Based on the regular and overtime pay, what is the total Social Security tax and Medicare tax you would have expected IntegrateCo to pay as the employers payroll taxes?

Create a formula to calculate these expected tax payments separately for Social Security and Medicare taxes for each individual employee and then use the SUM function to create separate totals for the expected Social Security and Medicare tax payments. Assume (a) a maximum contribution threshold in 2015 of $118,500 for Social Security tax (6.2%), and (b) all employees file as single taxpayers and that the Medicare tax on wages up to and including $200,000 is 1.45% and 2.35% above $200,000.

Hi, the thresholds are throwing me off.

I need to know how I'd calculate this as the EMPLOYER.

I thought it was total regular pay, total overtime pay x % - threshold? but I'm not sure if that's right.

Any help please? thank you.

Q B D E F G H 2 Pay_Date Payroll_ID Emp_No Home_Div Work_Div First_Name Last_Name Job 3 1/2/2015 27310001 1 1 1 Antonio Torres 14H001 4 1/2/2015 27310001 1 1 1 Antonio Torres 14H010 5 1/2/2015 27310001 1 1 1 Antonio Torres 145001 1 J K L M Reg_Hrs OT_Hrs Reg_Pay OT_Pay Futa Suta 11 0 519.063 0 0.15 0 0 0 4.03 11 0 0 0 2.6 N 0 P Fica_Medc Work_Comp 12.82 39.7083195 0.8 0 0 1.16 0 0.8 od Q B D E F G H 2 Pay_Date Payroll_ID Emp_No Home_Div Work_Div First_Name Last_Name Job 3 1/2/2015 27310001 1 1 1 Antonio Torres 14H001 4 1/2/2015 27310001 1 1 1 Antonio Torres 14H010 5 1/2/2015 27310001 1 1 1 Antonio Torres 145001 1 J K L M Reg_Hrs OT_Hrs Reg_Pay OT_Pay Futa Suta 11 0 519.063 0 0.15 0 0 0 4.03 11 0 0 0 2.6 N 0 P Fica_Medc Work_Comp 12.82 39.7083195 0.8 0 0 1.16 0 0.8 od