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.
This is in addition to state tax. You are required to withhold local income tax from employee wages as part of your tax withholding obligations. While most states impose a local income tax as a tax on wages, some levy it as a percentage of the state income tax. The 12 states that charge local income tax are: Alabama.