How do I calculate my payroll taxes?
An example of an AI chatbot conversation about payroll tax calculations.
How do I calculate my payroll taxes?
To calculate your payroll taxes, you'll need to know your gross income, tax rates, and any deductions.
What are the current federal payroll tax rates?
The current federal payroll tax rates include 6.2% for Social Security and 1.45% for Medicare.
Are there any state payroll taxes I should be aware of?
Yes, many states have their own payroll taxes, which can vary significantly. It's best to check your state's tax website.
How do I account for deductions in my calculations?
You can subtract pre-tax deductions like retirement contributions from your gross income before calculating taxes.
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