At the same time, for a well-tuned track machine the 2017 Chevrolet Corvette Grand Sport is remarkably docile to drive on your way to and back home from your next race school.
The federal income tax withholding would be $23, according to page 41 of the 2010 Circular E. The Social Security and Medicare tax rate for 1990 and later is 6.2 percent of gross earnings up to $106,800 and 1.45 percent of all gross compensation, respectively. Suppose the employee earns $200 weekly.
To figure out how much tax to withhold, use the employeeâs Form W-4 and the methods described in Publication 15, Employer's Tax Guide and Publication 15-A, Employer's Supplemental Tax Guide. You must deposit the wages you withhold. See requirements for depositing. For 2013, the employee tax rate for social security increased to 6.2%. The social security wage base limit increased to $113,700.