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In order to compute the income taxes you owe the federal government this year your employer is required to give you a that lists your earnings and withholding for the past year.?
Yes! If you are in default of a student loan, your federal income tax will be taken every yeare until the loan is satisfied. At least, that was my experience.
Employer gives you a statement called a w-2 form. It's not a list. It gives you the total amount of witholdings and the total amount of earnings for 2007. If you worked this year, you'll get that statement either in Dec. January or Feb. of 2009.
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The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $48,279. A tax credit usually means more money in your pocket. It reduc…es the amount of tax you owe. The EIC may also give you a refund. Go to the IRS gov website and use the search box for Publication 596 (2009), Earned Income Credit (EIC)
The Sixteenth Amendment
SOcial Security Tax:D
Which tax form is completed by an employer to inform the employee of the amount of federal withholding for the previous year?
Withholding is optional on regular periodic retirement pension payments. You may request withholding if you wish. Ask the payer for a withholding form. However, pension paym…ents (except for return of employee after-tax contributions and Roth 401k employee contributions and earnings) are taxable. You will have to pay tax on them when you file your tax return at the end of the year. And if you don't have withholding, you may have to make quarterly estimated tax payments in order to avoid an underpayment penalty.
They use the Form W-4 that the employee fills out and gives them and then they look up the amount to be withheld in Publication 15 (a.k.a. Circular E).
It uses withholding because it needs a steady stream of income to pay for its expenditures and also because most people would not save enough money to be able to pay their tax…es all in one lump sum after the end of the year.
Origin The roots of IRS go back to the Civil War when President Lincoln and Congress, in 1862, created the position of commissioner of Internal Revenue and enacted an income …tax to pay war expenses. The income tax was repealed 10 years later. Congress revived the income tax in 1894, but the Supreme Court ruled it unconstitutional the following year. 16th Amendment In 1913, Wyoming ratified the 16th Amendment, providing the three-quarter majority of states necessary to amend the Constitution. The 16th Amendment gave Congress the authority to enact an income tax. That same year, the first Form 1040 appeared after Congress levied a 1 percent tax on net personal incomes above $3,000 with a 6 percent surtax on incomes of more than $500,000. In 1918, during World War I, the top rate of the income tax rose to 77 percent to help finance the war effort. It dropped sharply in the post-war years, down to 24 percent in 1929, and rose again during the Depression. During World War II, Congress introduced payroll withholding and quarterly tax payments.
What happens if a employer did not withhold federal income taxes from your checks even after being questioned as to why not?
Its pretty simple "You owe money to the FED. GOV no matter what" consequences of that scenario is you will have to pay to IRS when you file you're taxes at end of the year.
Federal Income Tax Social Security Insurance Tax
Every one that has income from sources that are required to withhold taxes from the income that the taxpayer receives.
the 16th amendment
Why does the government asks employers to withhold tax money from each paycheck instead of requiring taxpayers to pay a full years taxes all at once?
First, even many, many of those people who had withholding from paycheck throuh the year, and then find they are a little short of what they ultimately owe (for whatever… reason - other income, good investing, claim to have too many exemptions on withholding, etc.) have a great deal of trouble getting even those small sums to pay the tax. They are - like so many - perpetually broke and can't/don't save money. They would be broke even if they had more money, always will be. (They would spend the money they need to pay taxes...but they need that money to py taxes...where will it come from?) And of course, the government needs the income through the year too...it pays it's bills all the time, not just annually.
In Income Taxes
Actually according to the US Constitution Article 1 Section 8 states "The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and… provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;" (bold and itallics added for emphasis. The 16th ammendment simply added ..."from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." For those who believe the 16th amendment was never ratified, it doesn't matter.
Well yes, and it can even be done retrospectively, or more than once a years, but it requires enacting law changes by Congress. Not normally an easy or fast process at b…est. Politically, changes in tax rates - especially up - are very difficult..the changes normally are to things like definitions...what is taxable..not to rates.
In order to compute the income taxes you owe the federal government this year your employer is required to give you what form?
You need a W-2 form.
social security tax