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PAYCHEX > Equations & Calculations > Flashcards

Equations & Calculations Flashcards

0
Q

Taxable compensation

A

= total compensation - exempt compensation

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1
Q

Total compensation

A

= wages/salary + other earnings + other items + disability payments

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2
Q

Social security tax

A

= taxable compensation X the social security rate (6.2%)

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3
Q

Medicare tax

A

= taxable compensation X the Medicare rate (1.45%)

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PAYCHEX (9 decks)

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