Don’t Have the Payroll Tax Rates Memorized?
Well, the payroll tax rates aren’t that hard to memorize.
These amounts change according to the laws put into effect by the IRS.
As a result of the American Recovery and Reinvestment Act of 2009, the Federal payroll tax rates have once again been revised. This new act provides more money for the employee on a weekly basis by lowering the amount of federal tax liability.
How to Calculate Federal Tax Withholding 2011 Tax Rate
Employees: Income tax amount withheld on wages is based on the amount of wages less an amount for declared withholding allowances (often called exemptions). Amounts of tax withheld are determined by the tax withholding tables. You can use the free W-4 calculator by TurboTax to determine how much tax you should have withheld from your paycheck.
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