Payroll Tax Withholding Calculator

Video Tutorial How to Fill Out payroll tax withholding calculator

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Questions & answers

Calculate income tax with SUMPRODUCT function in Excel In the tax table, right click the first data row and select Insert from the context menu to add a blank row. Select the cell you will place the calculated result at, enter the formula =SUMPRODUCT(C6:C12-C5:C11,C1-A6:A12,N(C1>A6:A12)), and press the Enter key.
Determine the employee's gross pay. Multiply the number of withholding allowances the employee has claimed on his W4 form by the amount of one allowance for his filing status and the length of the pay period. Calculate federal income tax to be withheld. Figure any state or local income tax to be withheld.
Your manual payroll calculations are based on the pay frequency and their hourly wage. So, for someone who is full time making $11 an hour on a biweekly pay schedule, the calculation would look like this: 40 hours x 2 weeks = 80 hours x $11/hour = $880 (gross regular pay).
Let's say you have an employee who earns $2,000 biweekly: $2,000 X 6.2% = $124. The employer cost of payroll tax is $124. $1,000 X 6.2% = $62. $250,000 X 1.45% = $3,625. $50,000 X 0.9% = $450. $3,625 + $450 = $4,075. $1,000 X 1.45% = $14.50. $100,000 X 12.4% = $12,400. $100,000 X 2.9% = $2,900.
How do you do manual payroll? To do payroll manually, you need to calculate each of your employees' gross pay for the pay period, and then determine the dollar amount of all taxes/benefits that must be deducted. Once you have done this, you can find their net pay and pay them via check or direct deposit.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total. Combined, the FICA tax rate is 15.3% of the employee's wages.