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Wages We ask you to enter "gross wages" per year. the program automatically calculates the FICA and Medicare taxes. The result of this calculation appears in the explanation for the Calculator line "Federal Taxes." Within that explanation, it appears on the line labeled "Social Security Tax." We assume for this Calculator that your wages are fully subject to FICA and Medicare taxes. Certain state and local government employees are subject only to Medicare. Certain government employees and some members of clergy are not subject to either tax. If you are exempt, you can increase the wages you enter into the Calculator to offset our calculation of the social security tax. (In the Financial Planner, on the Planner Tab of the program we allow you to specify the extent to which you are subject to FICA and Medicare.) This Calculator also calculates your actual projected Federal Income Tax, and it estimates your state income tax. Click on the lines in the Calculator for these items for more details.
Disclaimer: We are not giving legal advice. No warranties. We disclaim all legal liability. More...
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