Payroll Tax Calculation

All my employees are on salary and have the same paycheck every month with 
the exception of the occasional bonus or vacation pay out.   I have one 
employee who has received just his regular salary all year until this month.  
 At the beginning of the month he received a separate bonus check, all of 
which went to his 401K except for what came out for Federal and State Taxes.  
 Now when I run his regular salary check, the federal and state taxes are 
different then what they usually are.   I didn't change anything in his tax 
deduction records and his 401K deduction records are the same as they were on 
all his other salary checks.   The tax amounts are higher than they usually 
are.   This happens to the be the boss, how do I explain the difference to 
him?
0
11/25/2008 6:57:02 PM
greatplains 29623 articles. 5 followers. Follow

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Penny, did he exceed the FICA (SS) threshold for withholding with the
bonus check?  That could be the reason.

You don't specify whether the fed taxes withheld on the bonus payment
are FIT or FICA but I assume FICA because if it all went to 401(k),
that check would be exempt from FIT.

Frank Hamelly
MCP-GP, MCT, MVP
East Coast Dynamics
www.eastcoast-dynamics.com


0
fhamelly1 (1404)
11/25/2008 7:44:27 PM
Reply:

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