how to calculate social security tax withholding?
Multiply the taxable income by 0.062 to find the correct withholding amount. For example, if an employee earns a gross income of $2,000 for the pay period and contributes $60 to a 401(k) account, plus pays $150 for health insurance, you would deduct $210 ($60 plus $150) from $2,000 for a taxable income of $1,790.