Pretax Contributions (Health Insurance, FSA and HSA etc.)
$
6
Retirement Contributions
$
7
Checkbox at step 2 on W-2 checked
Gross Pay
1
Choose Pay period
2
Hourly regular rate
$ per hour
$
3
Regular Hours worked
hours
4
Overtime Hourly rate
$ per hour
$
5
Hours at overtime
hours
6
Base pay (line 2 x line 3)
{{base_pay | currency}}
7
Overtime pay (line 4 x line 5)
{{overtime_pay | currency}}
8
Bonus or commission
$
9
cash tips
$
10
Noncash tips
$
11
Gross pay
{{gross_pay | currency}}
Employer Cost
1
Employer paid
{{employer_paid | currency}}
2
Social Security
{{social_security_rate}}%
{{social_security | currency}}
3
Medicare
{{medicare_rate}}%
{{medicare | currency}}
4
State Unemployment Tax
line 11 x rate
%
{{state_unemployment_insurance_tax | currency}}
5
Federal Unemployment Tax
line 11 x rate
%
{{federal_unemployment_tax | currency}}
6
Employer paid benefits (if any)
$
7
Total employer cost
{{employer_cost | currency}}
Employee paycheck
1
Gross
{{gross_pay2 | currency}}
2
Social Security
{{-social_security | customCurrency}}
3
Medicare
{{-medicare | customCurrency}}
4
0.9% addtional Medicare tax over $200,000
$
5
Federal Income Tax Withholdings (per table)
{{-FIT | customCurrency}}
6
State Income Tax
%
{{-state_income_tax | currency}}
7
Other voluntary deductions (if any)
$
8
Net paycheck
{{net_paycheck | currency}}
*
Social security tax (both employer and employee) is 6.2% on the first $137,700
*
Medicare tax (both employer and employer): 1.45% on the all wages and salaries.
*
Additional Medicare tax (employees only): 0.9% on the amount over $125,000 (MFJ), $200,000 (single) or $250,000(MFJ).
*
Federal and state income taxe withholdings apply to employees only.
*
Employers must pay unemployment tax for their employees. The federal uemployment tax rate is 6% and employers can take a credit up to 5.4% of the taxable income if they pay state unemployment taxes. Each state has its own new employer rate for each new business.
