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Fit stands for Federal Income Tax Withheld. It gets removed from your pay added to the Social Security Tax on Medicare Tax, Social Security Tax on Wages. Your net income gets calculated by removing all the deductions. The taxable wages for federal tax for withholding purposes is gotten by taking the gross pay and removing any exclusion that may ...

Federal Income Tax (FIT): 2019 or prior. Federal Income Tax (FIT) is calculated using the information from an employee’s completed W-4, their taxable wages, and their pay frequency. Based on Publication 15-T (2021), Federal Income Tax Withholding Methods, you can use either the Wage Bracket Method or the Percentage Method to calculate FIT.

The employer and the employee both pay 6.2 percent of gross compensation for the Social Security portion of the FICA on a paystub, totalling 12.4 percent. For example, if an employee earns $2,400 per payroll period, the employer then withholds $148.80 for the employee's share and pays an additional $148.80 for the employer's share.

TSOT TSOT PAY Pay TRAFFIC SHOOL OT PAY TaxableSup Tax - Fed 22%, State 6.6% No WA W/C BEN PAY Pay WORKERS COMP BENEFIT-4850 MEMBER - SAFETY Taxable Reg Tax - W4 Yes WC W/C SUPP PAY Pay WORKERS COMP SUPP - NON SAFETY Taxable Reg Tax - W4 Yes WD W/C BEN PAY Pay WORKERS COMP BENEFIT - NONSAFETY Taxable Reg Tax - W4 No