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How can I figure out my payroll taxes?

The following is how federal payroll taxes are calculated:

  1. Employers and employees each contribute 6.2 percent up to a wage base limit of $147,000 for Social Security.
  2. Employers and employees both pay 1.45 percent of all taxable wages to Medicare.
  3. Employees who earn more than $200,000 as an individual or $250,000 as a married couple are liable to an additional 0.9 percent Medicare levy.
  4. Employers pay 6% of each employee’s first $7,000 in wages, or 0.6 percent with credit reduction, in federal unemployment benefits.

Employers and/or employees may be required to pay additional payroll taxes in some states.