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Personal finance understanding federal and state withholding taxes you remember the for mandatory taxes that must be paid by law those include your Social Security Medicare your federal tax and your state tax if applicable now you remember that Social Security is 6.2 percent of your gross wages Medicare is one point four five percent of your gross wages it's the state in federal taxes that we're going to focus on today okay so in order to figure out your federal and state income taxes your employer is going to use the w-4 form that you filled out when you first got the job your employer will then take the number of allowances you claimed on your w-4 form and put that information into a tax chart to figure out your withholding so let's take a look at how that would look okay great so you should have this application problem in front of you now let's take a look okay so these are my employees this is the marital status of each employee and this column right here represents the number of withholding allowances that my employees claimed on their w-4 all of this information is going to be important when we use the tax chart okay you realize that we're looking for the federal income tax Social Security tax and Medicare it's important that we also know the gross wages of each of the employees using all of this information we can then use either the federal or state tax charts to determine how much to take out of our employees paychecks okay so this is a sample of a federal withholding tax chart this is exactly what you would see or what you would use if you were an employer figuring out how much tax to take out for both federal and state what you want to pay attention to here is again that it's a federal tax chart the would be a separate tax chart for the state of Connecticut or whatever state your business is in okay you also want to pay attention to the fact that this chart is for someone who is married if you flip your chart over you'll see that the other side is for someone that is single go ahead and do that I also want to draw your attention to these two columns right here these two columns are where you are going to take a look at the employees gross pay so if your employees pay is gross pay is 850 dollars for the pay period you'd have to use these columns and figure out where that 850 Falls so that 850 would be at least 840 but less than 860 so this would be the line that you would use okay so the other key item is right up here this is the number of withholding allowances claimed and these numbers 0 1 2 3 4 5 etc come right from the w-4 remember the top