# Accounting help
**URL:** https://forums.speedlife.net/t/accounting-help/15583
**Category:** NYSpeed Off Topic
**Created:** [August 6, 2006, 5:46pm UTC](https://forums.speedlife.net/t/accounting-help/15583 "2006-08-06T17:46:21Z")
**Posts on this page:** 13
**Page:** 1
### Author:  [@MrFliGSR](https://forums.speedlife.net/u/MrFliGSR)
#### Post date: [August 6, 2006, 5:46pm UTC](https://forums.speedlife.net/t/accounting-help/15583/1 "2006-08-06T17:46:21Z")
Anyone good with accounting if so, I need some help with this accounting problem
I have 4 employees and I need to figure out all their FICA witholdings for Social Security. Here are the figures
This is gross pay for each employee
$2500 $1515 $475 $600 Gross pay
$198 $182 $52 $48 Income tax withholdings
To figure FICA withholdings you compute gross pay by 6.20%
If you compute by gross pay you get: $315.58
If you compute by pay minus withholdings you get: $ 285.82
I should have $259.78, so I am off by $26.04 and I cannot figure out where the difference is.
Can someone tell me where the error is?
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### Author:  [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)
#### Post date: [August 6, 2006, 6:32pm UTC](https://forums.speedlife.net/t/accounting-help/15583/2 "2006-08-06T18:32:12Z")
> [@MrFliGSR](#):
>
> Anyone good with accounting if so, I need some help with this accounting problem
>
> I have 4 employees and I need to figure out all their FICA witholdings for Social Security. Here are the figures
>
> This is gross pay for each employee
>
> $2500 $1515 $475 $600 Gross pay
>
> $198 $182 $52 $48 Income tax withholdings
>
> To figure FICA withholdings you compute gross pay by 6.20%
>
> If you compute by gross pay you get: $315.58
>
> If you compute by pay minus withholdings you get: $ 285.82
> I should have $259.78, so I am off by $26.04 and I cannot figure out where the difference is.
>
> Can someone tell me where the error is?
How do you know what you should have?
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### Author:  [@MrFliGSR](https://forums.speedlife.net/u/MrFliGSR)
#### Post date: [August 6, 2006, 7:13pm UTC](https://forums.speedlife.net/t/accounting-help/15583/3 "2006-08-06T19:13:22Z")
the book has a check certain answers
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### Author:  [@sureshot](https://forums.speedlife.net/u/sureshot)
#### Post date: [August 6, 2006, 7:17pm UTC](https://forums.speedlife.net/t/accounting-help/15583/4 "2006-08-06T19:17:06Z")
ill help you, get me on aim
vietnow2k4
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### Author:  [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)
#### Post date: [August 6, 2006, 7:17pm UTC](https://forums.speedlife.net/t/accounting-help/15583/5 "2006-08-06T19:17:08Z")
Is there a limit on the amount of gross pay that is FICA taxable?
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### Author:  [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)
#### Post date: [August 6, 2006, 7:21pm UTC](https://forums.speedlife.net/t/accounting-help/15583/6 "2006-08-06T19:21:42Z")
> FICA wage base and Old age, survivors, and disability insurance
> rates (Social Security):
> -6.2% on $94,200 for 2006 (employee &
> employer)
> -12.4% on $94,200 for 2006 (self employed)
> Medicare basic hospital insurance:
> -1.45% on all wages (employee & employer)
> -2.9% on net earnings (self employed)
Is that weekly, monthly, annual gross pay?
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### Author:  [@MrFliGSR](https://forums.speedlife.net/u/MrFliGSR)
#### Post date: [August 6, 2006, 7:28pm UTC](https://forums.speedlife.net/t/accounting-help/15583/7 "2006-08-06T19:28:11Z")
in the book the Fica is based on 6.2% of the first 87,000. The pay is for a week’s pay
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### Author:  [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)
#### Post date: [August 6, 2006, 7:37pm UTC](https://forums.speedlife.net/t/accounting-help/15583/8 "2006-08-06T19:37:16Z")
Well the guy getting 2500 a week is making over 87,000 a year
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### Author:  [@MrFliGSR](https://forums.speedlife.net/u/MrFliGSR)
#### Post date: [August 6, 2006, 7:50pm UTC](https://forums.speedlife.net/t/accounting-help/15583/9 "2006-08-06T19:50:38Z")
right, but am I suppose to compute all the 2500 for the gross pay for the week?
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### Author:  [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)
#### Post date: [August 6, 2006, 7:54pm UTC](https://forums.speedlife.net/t/accounting-help/15583/10 "2006-08-06T19:54:43Z")
I did a quick and dirty calculation where you annualize the FICA. Basically I calculated 87000(the person getting 2500 a week capped) x .062 / 52 + the weekly FICA of the other employees and was about a buck off. I might have made an error. I’m not even sure if thats the right way to calculate that.
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### Author:  [@MrFliGSR](https://forums.speedlife.net/u/MrFliGSR)
#### Post date: [August 6, 2006, 7:59pm UTC](https://forums.speedlife.net/t/accounting-help/15583/11 "2006-08-06T19:59:26Z")
yea that is where I am gettin mixed up. medicare is gross times 1.45, and SS should gross times times 6.20% When I look at an old paycheck stub, the other allowances are subtracted b4 FICA is computed
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### Author:  [@JaysGreenLX](https://forums.speedlife.net/u/JaysGreenLX)
#### Post date: [August 6, 2006, 8:01pm UTC](https://forums.speedlife.net/t/accounting-help/15583/12 "2006-08-06T20:01:23Z")
hmmm I’m out of ideas then. My wife is the accountant and she is asleep now.
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### Author:  [@MrFliGSR](https://forums.speedlife.net/u/MrFliGSR)
#### Post date: [August 6, 2006, 8:07pm UTC](https://forums.speedlife.net/t/accounting-help/15583/13 "2006-08-06T20:07:20Z")
ok thanks,