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Old 12-04-2003, 10:15 AM
shawnma
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Deduction on pay check

I know the social security tax is 6.2% and medicare tax is 1.45%. Are they based on the total earning?

For example, I am earning $x per pay period and put $y into 401k plan. Are they going to use $x or ($x-$y) to calculate the SST and MT taxes whithold?

Thanks.
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Old 12-04-2003, 11:13 AM
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Location: Washington
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$x. 401k contributions save you income taxes, not payroll taxes.
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