What would you like to do?
Claiming something other than what you are entitled to is a crime. I'm not sure the above is true...the amount you have withheld has no relevance on how much you ultimately must pay...and having too little withheld simply costs you much more in the long run. I believe your entitiled to do that to yourself! The idea is to have the CORRECT amount taken out! Anything less will not change the tax you have to pay and report, but will subject you to what can be substantial underpayment fees and interest and penalties. Why pay more, maybe much more, than you have to? The instructions to Form W-4 provide everything you would need to assure whatever amount of tax you want withheld is done. (Obviously, some things, like FICA, UI, etc are a straight proportion of a calculated amount that you cannot adjust).
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How do you fill out your income tax form so that you get the most money taken out of your check and have the least money owed when you file your taxes?
If you work for an employer and receive a W2 at the end of the year, you need to adjust your W4 (that is the form you should have filed out before you were employed). You need… to put that you are SINGLE where the choices are married or single. The number of allowences you should report is 0. This will put you at the maximum withholding rate. You may also elect to have an extra amount of money withheld from your pay each pay period. This would be a set dollar amount (that you decide) also reported to your employer on a W4. There is a W4 pdf on the IRS website that will allow you to make the correct entries, and print the completed form. You will then need to turn that form into your empoyer so your payroll files can be adjusted accordingly.
What percentage of taxes taken out of pay check in New York and Federal taxes if I claim just myself?
This is a somewhat difficult question to answer considering I'm not sure just how much you make in income. The more you draw in income, the more you pay in federal income tax.… You would need to consider the income, overtime, holiday pay....to consider this. It depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings as a type of tax, but many may not be. Workers Comp, Unemployment, even FICA are all really more an insurance payment than a withholding against an income tax. The amount of tax withheld also depends on many other things...obviously which state (or even city) your in, the amount of income your projected on earning over the year, (which helps determine your tax bracket and the percent that may be required), as well as your filing status, number of dependents and other deductions (like interest on a mortgage) or contributions to 401K, or medical slections. All these things can be adjusted for your circumstances by properly and completely filling out (or changing) the Form W-4 all employers ask you to. The variations are so numerous that it is fair to say that it would be uncommon for 2 people, working a the same job making the same salary would have the same amount withheld. There are even a number of different legal ways for the payroll provider to calculate the amount to withhold...but overall they make only a small difference. Remember, anything withheld is just being done as an estimated installment payment toward whatever tax, if any, you do ultimately owe. If too much is withheld, it is refunded. (Too little, and you could pay a penalty and interest charges). Again, adjusting your W-4 is the way to correct for any of these circumstances.
What is the normal percent of taxes taken from your paycheck in Kentucky if you don't claim any exemptions?
Depends on what you call taxes...you mean only federal income taxes (same in each state), or state income taxes...or both...how about FICA, unemployment, disability, etc…. Many of these depend on what specific job you do as well as who you do it for. In all cases, the amount withheld, (it isn't really taken....it is withheld and put on deposit in an account with your SS#...and depending on how much tax you ultimately incur...on all your income and deductions, etc., acts as a prepayment and may in fact all be refunded), but always depends on your salary, and even then how it may be used - if any of it is put to a 401k, retirement plan, etc. And then, it depends on which of the many methods of legally calculating it your specific payroll uses. Perhaps you should ask them?
The idea is to have the CORRECT amount taken out! Anything less will not change the tax you ultimately have to pay and report, but will subject you to what can be s…ubstantial underpayment fees and interest. Why pay more, maybe much more, than you have to? The instructions to Form W-2 provide everything you would need to assure whatever amount of tax you want withheld is done. (Obviously, some things, like FICA, UI, etc are a straight proportion of a calculated amount that you cannot adjust).
What if your income is over the cap and social security tax already taken from this amount can you claim some back?
Yes you can. This normally happens when you have 2 employers through the year and say earn 70K from each...hence each tales FICA, but together you were over the max. Ther…e is an area in the 1040 package, and it is included in all softwares, to do this.
Filing and paying are 2 different things. You are required to pay as you make money, that is commonly done as you work, by your employer "withholding". But many types of inc…ome, and many people, don't get income from an employer. They still have to pay tax....and file a return. Most people who have money withheld from their employer have TOO MUCH money withheld. Filing the return get them that amount back...a refund. Still they MUST file the return. Federal Taxes are the same throughout the country. State tax laws are specific to each area. Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, amount & type of income. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or working from home or a student. It is all addressed as a matter of"how much TAXABLE income." (Note: working isn't relevant either, as many people who don't work or are retired, or disabled, or old, or young, or in school, have income from many sources: savings, investments, etc. TAXABLE income is different than what you may otherwise think of as income. In most circumstances, you have to do many of the calculations needed to file a return, just to determine what taxable income may be). Likewise, there are no special or fixed rates for retired, student, doctor, sanitation worker, President, convict...whatever. The amount of taxable income after applicable deductions and adjustments determines the rate applied to your particular situation. The rate, as well as the amount, you pay changes as the amount of income does. You must file a tax return if you had net earnings from self-employment of $400 or more. This is your total self-employment income less the expenses paid in operating your trade or business, multiplied by 92.35%. If you weren't self-employed (meaning paid on a 1099 or ran your own business) then you would always want to file a return to claim the amount withheld and shown on your W-2. Which with lower incomes will always be refunded to you. If you are an individual who may be claimed as a dependent on another person's return, you are subject to specific filing requirements. Refer to the instructions in your tax package or refer to Publication 929, Tax Rules for Children and Dependents, or Publication 501, Exemptions, Standard Deduction, and Filing Information, for the filing requirements for dependents. All available at www.IRS.gov You must file a tax return if you received any amount of advance earned income credit payments from your employer during the year, or if you owe any taxes, such as: social security tax and Medicare tax on tips or group life insurance,alternative minimum tax,tax on qualified retirement plans including an Individual Retirement Account, or other tax-favored account,tax from recapture of an education credit, investment credit, low income housing credit, federal mortgage subsidy, qualified electric vehicle credit, or the native American employment credit. Generally, you must file a tax return if you are a nonresident alien with income from sources in the United States. For more information on nonresident aliens, select Topic 851 at the IRS website. Even if you are not required to file a tax return, file a return BECAUSE MANY, LOW INCOME PEOPLE HAVE MANY BENEFITS COMING THAT ARE KEYED TO FILING A RETURN. (Like stimulus checks). Also, the Statute of Limitations for when the IRS can no longer ask you questions about your affairs for a year only STARTS to run when a return is filed. Not filing, and they can bug you, (and assess a tax) for forever! You can file for free at the www.irs.gov site too! See http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remember th…at the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted.
If you have taken out an insurance policy against redundancy and claiming working and child tax credits are your payments affected?
I gather this Q is regarding some country other than US and the majors? None of what is being asked could possibly be applicable, even make any sense, to the system…s in those countries.
This is not declared income and you will not have to pay income taxes on it. Same thing for child support. However, Alimony payments have to be delclared and will be taxed.
no, once you claim someone you cannot be claimed yourself
In the US, when another taxpayer is entitled to claim you as a dependent on their income tax return, you cannot take an exemption for yourself even if the other taxpayer does …not actually claim you as a dependent. Then Exemptions for Dependents Dependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later. Go to the IRS gov web site and use the search box for Publication 17 (2009), Your Federal Income Tax for Individuals go to chapter 3 Exemptions You can click on the below related link
Yes that is correct when you claim married less income tax will be withheld from your gross wages. You do NOT have any taxes withheld from your net take home amount that is on… your paycheck.
You can often times deduct the cost of hiring a tax professional to do your taxes in the following year. Given the generic nature of your question, I'd strongly suggest doing …just that.
I guess it depends;for instance, the traditional IRA is a retirement savings plan where contributions may be tax deductible and the values can grow tax deferred until withdraw…al at retirement.However, for 2010, the IRA contribution limit for any wage earner is $5,000 or the individual's taxable wages, whichever is less. A wage earner over the age of 50 can contribute an additional $1,000 into an IRA. In the case of R-IRA, Roth IRA contributions are not tax deductible by definition. The tax benefit from a Roth IRA is taken at retirement when distributions are tax-free.
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're al…lowed to claim either state and local income taxes or state and local sales taxes, but not both. If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator. For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.