Homework Help: accounting

Posted by ask on Tuesday, January 20, 2009 at 2:23am.

how do i calulate my ss witholdings from my paycheck? i know its 6.2% of my earnings. So if i made 551.65 for the year i would take 551.65*6.2% and subtract that answer from the 551.65?

accounting - drwls, Tuesday, January 20, 2009 at 8:12am
The withholdings amount is the 6.2% of earnings.
You don't subtract it from the earnings to get the amount withheld. That is the amount left over, but your employer may be withholding other things too.

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