Tax rates Flashcards
0
Q
Social Security tax
A
6.2%…tax is applied to wages up to 118,500
1
Q
Medicare tax
A
1.45% from all wages plus .09% from wages in excess of 200,000
2
Q
Regular rate of pay
A
Total regular pay/total number of hours worked
3
Q
Gross pay
A
Regular pay + overtime premium
4
Q
Optional flat rate method tax withholding
A
25%
5
Q
Voluntary deductions
A
Union dues, credit union deductions, US savings bonds
6
Q
Involuntary deductions
A
Child support, federal tax levy, creditor garnishment, student loans, wage assignments
7
Q
Withholding Orders
A
- child support
- bankruptcy
- federal administrative garnishments
- federal tax levies
- student loan
- state tax levies
- local taxes
- creditor garnishment
- employer deductions
- employee voluntary deductions
