Skip to main content
R
ranskeyb-gmail-c
February 19, 2024
Question

Getting Error. Social Security and Medicaid are a percentage you entered the wrong values, but I am quite sure they are correct. 1,400 total. ss =173.60 m = 5.80

  • February 19, 2024
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

A
AdonL
February 19, 2024
Let's get this resolved, ranskey. I'll guide you in accurately inputting your Medicare and Social Security numbers.
 
Usually, the error message occurs when you enter an incorrect amount in the Social Security and Medicare fields. Please note that when handling these benefits, you only need to input the employee's portion, as the system will automatically compute the employer's deduction.
 
In addition to that, I'm also adding the correct calculation:
 
  • For Social Security, it's 6.2%. It applies to both employees and employers. This tax has a wage base of $160,200 (2023) and $168,600 (2024).
  • For Medicare, it's 1.45% for most employees. The employee Medicare rate increases by an additional 0.9% (for a total of 2.35%) on wages over $200,000. The employer tax rate for Medicare tax is set at 1.45% regardless of wage amounts. There is no wage base for Medicare (the exception is exempt wages).

 

To ensure accurate tracking of the calculations, I recommend seeking advice from an accountant.
 
Additionally, you can check these helpful articles to learn how to generate reports that include your employee's details and help your employee view their paystub in QuickBooks Workforce.
 

 

If you need further assistance setting up employee deductions, don't hesitate to ask questions here in the Community. I'm always here to help you out.
Terms & ConditionsAccessibility statement