2014 Federal Payroll Tax Calculator

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Calculate your 2014 federal payroll taxes with this official calculator. Understand how Social Security and Medicare taxes are applied based on your income and filing status.

How the 2014 Payroll Tax Works

The 2014 federal payroll tax system consists of two main components: Social Security tax and Medicare tax. These taxes are deducted from employee paychecks and remitted to the government.

Social Security Tax Formula

Social Security tax is calculated as 6.2% of the first $117,000 of wages (2014 limit).

Formula: Social Security Tax = Wages × 0.062 (capped at $7,282 per year)

Medicare Tax Formula

Medicare tax is calculated as 1.45% of all wages, with an additional 0.9% for wages over $200,000.

Formula: Medicare Tax = Wages × 0.0145 + (Wages - $200,000) × 0.009 (if wages > $200,000)

Filing Status Impact

The tax calculation varies slightly based on your filing status:

Single filers: Standard deduction of $6,300
Married filing jointly: Standard deduction of $12,600
Head of household: Standard deduction of $9,300

Note: These calculations are based on 2014 tax laws. Rates and limits may differ in other years.

Worked Examples

Example 1: Single Filer with $50,000 Income

For a single filer with $50,000 in wages:

Social Security tax: $50,000 × 0.062 = $3,100
Medicare tax: $50,000 × 0.0145 = $725
Total payroll tax: $3,100 + $725 = $3,825

Example 2: Married Filing Jointly with $150,000 Income

For a married couple filing jointly with $150,000 in wages:

Social Security tax: $150,000 × 0.062 = $9,300 (capped at $7,282 per person)
Medicare tax: $150,000 × 0.0145 = $2,175
Total payroll tax: $9,300 + $2,175 = $11,475

Frequently Asked Questions

What are the 2014 payroll tax rates?

In 2014, the payroll tax rates were 6.2% for Social Security and 1.45% for Medicare. There was an additional 0.9% Medicare tax on wages over $200,000.

How does filing status affect payroll taxes?

Filing status affects the standard deduction, which reduces taxable income. Married filing jointly filers have a higher standard deduction than single filers.

Are there any exemptions for payroll taxes?

No, payroll taxes are applied to all wages regardless of exemptions. The standard deduction reduces taxable income but doesn't exempt you from payroll taxes.