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FICA taxes seem too low with latest release

Submitted by pattiabelson@op... on 22 November 2008 - 1:12am

I downloaded the new version of esplannerplus. I ran a hypothetical scenario with a couple, one earning $60,000 and the other earning $40,000. I did not include any other items that would affect the taxes drastically. The FICA taxes for each individual was $870 for the higher earner and $580 for the lower earning. This looks like the program is only calculating the medicare portion (1.45% of earnings) rather than both the Medicare and OASDI ( 1.45 plus 6.2%) Something must be wrong. I downloaded the program using Firefox 2.0.0.8. Let me know if there is something I might be missing.

Kelvin

‹ Tax Rates ? Taxes (especially Federal) too high ›
Submitted by pattiabelson@op... on 22 November 2008 - 4:58pm.
1

I posted a note yesterday, thinking that there was a problem with the the calculation of FICA taxes. As usual in this case, there was pilot error. I did not copy over the earnings in the social security tab, so Larry rescued me. Please disregard my post. Everything is working fine. It might make sense to remove my posts so that other users at not alarmed.

Kelvin

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