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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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Yes. This is done to figure out what you need to pay, if you indeed owe taxes. If you are constantly paying income taxes, then you are not having enough taken out of your pa…ychecks.
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.
Generally, yes. On the State level someplaces they may not be.
Absolutely, and many more things concerning payroll, etc...adhereing to the rules for this. And of course, people are rerquired to make estimated payments toward th…eir eventual tax liability (through withholding or other means, all absolutely completely described), or face substantial penalties, interest and other problems.
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).
may charge OR do you mean may change the rate each year YES they can and do this each year.
Federal Income Tax Social Security Insurance Tax
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 order to compute the income taxes you owe the federal government this year your employer is required to give you?
You need a W-2 form.
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
SOcial Security Tax:D
In Income Taxes
My mother died at age 89 she had a income of around $60,0000. a little less pensions social security ect. she had been paying quartley around 5to 6,000.00 total. That seems to… me too much right or wrong concerned daughter
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.
Your state can flag your account to withhold your federal refund in order to meet a debt owed;however, in general, your state,they can only take your taxes if you owe on a stu…dent loan, have back child support, or owe taxes. I guess you need to contact Dept of revenue of your state.
Where does the employer get the information used to determine the amount of federal income tax to withhold from employees earnings?
From the IRS. They have instructions and pay charts telling employers what to withhold depending on how much the employee makes, how often they're paid, and what the employee …entered on their Form W-4. There are also charts for certain types of work, such as agriculture. If you use this information to figure out if your employer is withholding the correct amount, don't forget to take into consideration any pretax benefits you have, such as a flexible spending account, which are subtracted before calculating tax. States also provide similar instructions or pay charts for employers to determine how much state tax to withhold. (See related link below for the IRS Pub 15 for employer instructions for withholding federal tax.)
You are required to have paid in at least a total equaling 90% of your total income tax paid in the previous tax year. If you do not have at least that much paid and applied t…o your tax for the current year through withholding and estimated tax payments then you will be subject to a tax penalty plus interest.