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.
Employers withhold payroll taxes and income taxes from employees' pay. Employees complete Form W-4, Employee's Withholding Allowance Certificate, so that employers know how much income tax to withhold from their employees' pay.Key Terms. Federal income tax. The federal government levies a tax on personal income.mployees complete Form W-4, Employee's Withholding Allowance Certificate, so that employers know how much income tax to withhold from their employees' pay.