The Christmas Cove Dyke of coastal Maine, USA, and regional sources ... by McHone, J. Gregory; Hussey, Arthur M., II; West, David P., Jr.; Bailey, David G. / Atlantic Geology.
Social security and Medicare taxes have different rates and only the social security tax has a wage base limit. The wage base limit is the maximum wage subject to the tax for the year. Determine the amount of withholding for social security and Medicare taxes by multiplying each payment by the employee tax rate. There are no withholding allowances for social security and Medicare taxes.
These calculations impact the total wage expense incurred by the employer. The tax calculations also affect the workerâs taxable income, personal tax liability, and net take-home pay. Payroll taxes are made up of federal and state tax withholdings, Social Security taxes, and Medicare taxes.