WHERE DOES THE SAVINGS GO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
After you have discovered what each of the deductions stands for you can start to understand how they were deducted and why.FICA is one possible code for Social Security. It is really meant to encompass Social Security and Medicare, but most payrolls put it as the abbreviation for just the Social Security part.Both Medicare and Social Security together make up a 7.65 percent deduction in Gross pay. S.S. is 6.2 percent and Medicare is 1.45 percent.
Read more: How to Understand Payroll Deductions | eHow.com http://www.ehow.com/how_4558005_understand-payroll-deductions.html#ixzz1QJxcOsqM
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