penguinise t1_iuk4bic wrote
Reply to comment by stopearthmachine in [CA] Almost 40% of my paycheck is being taxed. How can I alter my W4 to reflect a more accurate rate? by [deleted]
No. FICA is 7.65% of your first $147,000 of wages paid by that employer - since it's applied as a flat tax it is representative of the gross pay on the current check.
The most common cause of this would be receiving a taxable fringe benefit or other non-cash compensation item, which adds to your taxable wages for withholding but not the cash paid.
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