Social Security Tax Solution

STEP 0: Pre-Calculation Summary
Formula Used
Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01)
SST = Epy*(ISSR*0.01)
This formula uses 3 Variables
Variables Used
Social Security Tax - Social Security Tax is a payroll tax levied in the United States to fund the Social Security program.
Earnings in a Year - Earnings in a Year refer to the total income an individual earns from all sources over the course of a calendar year.
Social Security Tax Rate - Social Security Tax Rate refers to the percentage of tax levied by the federation baed on an individual's income.
STEP 1: Convert Input(s) to Base Unit
Earnings in a Year: 165240 --> No Conversion Required
Social Security Tax Rate: 12.4 --> No Conversion Required
STEP 2: Evaluate Formula
Substituting Input Values in Formula
SST = Epy*(ISSR*0.01) --> 165240*(12.4*0.01)
Evaluating ... ...
SST = 20489.76
STEP 3: Convert Result to Output's Unit
20489.76 --> No Conversion Required
FINAL ANSWER
20489.76 <-- Social Security Tax
(Calculation completed in 00.004 seconds)
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BMS College of Engineering (BMSCE), Bangalore
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Social Security Tax Formula

​LaTeX ​Go
Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01)
SST = Epy*(ISSR*0.01)

What is Social Security Tax?

Security tax rates are determined by law each year and apply to both employees and employers. Social Security taxes are collected to provide benefits to retired and disabled workers, as well as to survivors of deceased workers. The Social Security tax rate is set by law and is subject to change by the government.
As of 2022, the Social Security tax rate for employees and employers is 6.2% each, for a total of 12.4%. Self-employed individuals are responsible for paying both the employee and employer portions, resulting in a total Social Security tax rate of 12.4%.
The Social Security tax applies to earned income up to a certain limit, known as the Social Security wage base. As of 2022, the Social Security wage base is $147,000. This means that only income earned up to $147,000 is subject to the Social Security tax.

How to Calculate Social Security Tax?

Social Security Tax calculator uses Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01) to calculate the Social Security Tax, The Social Security Tax formula is defined as a percentage of an individual's income that is withheld from their paycheck to fund the Social Security program in the United States. Social Security Tax is denoted by SST symbol.

How to calculate Social Security Tax using this online calculator? To use this online calculator for Social Security Tax, enter Earnings in a Year (Epy) & Social Security Tax Rate (ISSR) and hit the calculate button. Here is how the Social Security Tax calculation can be explained with given input values -> 20489.76 = 165240*(12.4*0.01).

FAQ

What is Social Security Tax?
The Social Security Tax formula is defined as a percentage of an individual's income that is withheld from their paycheck to fund the Social Security program in the United States and is represented as SST = Epy*(ISSR*0.01) or Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01). Earnings in a Year refer to the total income an individual earns from all sources over the course of a calendar year & Social Security Tax Rate refers to the percentage of tax levied by the federation baed on an individual's income.
How to calculate Social Security Tax?
The Social Security Tax formula is defined as a percentage of an individual's income that is withheld from their paycheck to fund the Social Security program in the United States is calculated using Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01). To calculate Social Security Tax, you need Earnings in a Year (Epy) & Social Security Tax Rate (ISSR). With our tool, you need to enter the respective value for Earnings in a Year & Social Security Tax Rate and hit the calculate button. You can also select the units (if any) for Input(s) and the Output as well.
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