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Social Security Tax Formula

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Social Security Tax is a payroll tax levied in the United States to fund the Social Security program. Check FAQs

SST = E py \cdot (I SSR \cdot 0.01)

SST - Social Security Tax?E_py - Earnings in a Year?I_SSR - Social Security Tax Rate?

Social Security Tax Example

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With units

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Here is how the Social Security Tax equation looks like with Values.

Here is how the Social Security Tax equation looks like with Units.

Here is how the Social Security Tax equation looks like.

20489.76 = 165240 \cdot (12.4 \cdot 0.01)

20489.76 = 165240 \cdot (12.4 \cdot 0.01)

20489.76 = 165240 \cdot (12.4 \cdot 0.01)

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Social Security Tax Solution

Follow our step by step solution on how to calculate Social Security Tax?

FIRST Step Consider the formula

SST = E py \cdot (I SSR \cdot 0.01)

Next Step Substitute values of Variables

∴

SST = 165240 \cdot (12.4 \cdot 0.01)

Next Step Prepare to Evaluate

∴

SST = 165240 \cdot (12.4 \cdot 0.01)

LAST Step Evaluate

∴

SST = 20489.76

Social Security Tax Formula Elements

Variables

Social Security Tax

Social Security Tax is a payroll tax levied in the United States to fund the Social Security program.

Symbol: SST

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Social Security Tax

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.

Symbol: E_py

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Earnings in a 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.

Symbol: I_SSR

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Social Security Tax Rate

Other formulas in Net Pay category

Go Gross Pay

GP = HW pp \cdot HP R

Go Medicare Tax

MT = E py \cdot (I MT \cdot 0.01)

Go Take Home Pay Percentage

PCA = (\frac{H Pay}{GP}) \cdot 100

Go Net Pay

NPay = GP - TD

How to Evaluate Social Security Tax?

Social Security Tax evaluator uses Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01) to evaluate 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 evaluate Social Security Tax using this online evaluator? To use this online evaluator for Social Security Tax, enter Earnings in a Year (E_py) & Social Security Tax Rate (I_SSR) and hit the calculate button.

FAQs on Social Security Tax

What is the formula to find Social Security Tax?

The formula of Social Security Tax is expressed as Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01). Here is an example- 20489.76 = 165240*(12.4*0.01).

How to calculate Social Security Tax?

With Earnings in a Year (E_py) & Social Security Tax Rate (I_SSR) we can find Social Security Tax using the formula - Social Security Tax = Earnings in a Year*(Social Security Tax Rate*0.01).

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Social Security Tax Formula

Social Security Tax Example

Social Security Tax Solution

Social Security Tax Formula Elements

Other formulas in Net Pay category

How to Evaluate Social Security Tax?

FAQs on Social Security Tax

Variable Name