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An employee works 47 hours (47 - 40 were overtime hours) during a workweek in December of 2021. He earns $39/hour, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $140,950 during the year. He has requested that his employer withhold 6% of gross pay, which is to be contributed to a 401(k) plan.

Taxable income for federal income tax withholding = $
Taxable income for social security tax = $
Taxable income for medicare tax = $

Answer :

The amount of tax will be:

  • Taxable income for federal income tax withholding =$1,851.33
  • Taxable income for social security tax =$1,851.33
  • Taxable income for medicare tax = $1,851.33

How to calculate the tax?

Regular Pay (40×39) = $1,560.00

Overtime Pay (7×39×1.5) =$ 409.50

Gross Pay = $1,969.50

Less: 401(k) plan Contribution (1969.50×6%) =$ 118.17

Taxable Amount = $1,851.33

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