Angie earned $120,000 during 2014.She is single,claims two withholding allowances,and is paid monthly.How much will Angie's employer withhold in social security taxes for 2014?

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Angie's gross income is $120,000. The Social Security tax rate is 6.2%. So, Angie's Social Security tax liability is $120,000 x 6.2% = $7,440. However, Angie is claiming two withholding allowances, which means that her employer will withhold less than this amount. The amount withheld will depend on the specific withholding tables used by Angie's employer. However, it is likely that Angie's employer will withhold around $7,254.00 in Social Security taxes for 2014.

Angie Earned $120,000 During 2014