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What does medicare tax mean on a payroll check stub?
what does ImpIncHypo mean
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You need to wait until you receive your W-2, because until then the company has not reported your final earnings to the government. You need to compare the final check stub wi…th the W2 to be certain that it is accurate. ans Absolutely. If you didn't even have a last pay stub, or a W-2, you still legally HAVE to file your income tax. When you do get the information on say a W-2, if it doesn't match what you filed, you will have to amend and correct your filing. However, you should wait for several reasons: The return likely won't be processed until the employer has filed all his reports (generally due by 01/31), and they can be matched to what your claiming. The information on the W-2 may have year end adjustments, additions, etc that don't match your last stub. Tha will delay your retuirn for a long time while the dicrepency is resolved - and rthen you will have to file an amended return. Some information you need to report, certain employer ID#s etc may not be available on a pay stub. If it is available, you are really required to use it or explain why you didn't have one, using another complex form. You want to use the best information available and follow the established process as best you can, or expect problems!
State Income Tax
Federal Insurance Contributions Act (FICA) in other words, it is your Social Security Tax.
fit = F.I.T. = Federal Income Tax
THIS QUESTION HAS BEEN ASKED AND ANSWERED MANY, MANY TIMES AND IS PART OF THE DATABASE. (As a courtesy one is linked here as a "related question"). CORRECTLY USING …THE SYSTEM WILL PROVIDE THE ANSWER WITHOUT ANY DELAY, (or requiring inconvenience or action by anyone else).
Effective January 1, 2008, employers are prohibited from including an employee's Social Security number in its entirety on wage statements. California Labor Code § 226 requir…es that private employers furnish each employee with an accurate, written, itemized wage statement containing nine particular items. Formerly, one of these items was the employee's Social Security number. Now employers must still print identification numbers on their wage statements, but are permitted to use only the last four digits of the employee's Social Security number or an employee identification number other than a Social Security number. This change applies to both paper and electronic wage statements. The law applies only to the wage statement accompanying a paycheck, but it is recommended that full Social Security numbers be removed from paychecks as well.
Employer - NO. Employee - probably not. In fact you are probably setting yourself up to owe income taxes at the end of the year.
MICA TAX is referred to your Medicare deduction.
Yes, FICA (Federal Insurance Contributions Act) is the combination of Social Security and Medicare taxes.
Federal Withholding Tax
Group Term Life (insurance) It's your accidental death and dismemberment insurance.
Federal Unemployment TAX (FUTA)
Yep. Either that or the Farmworkers Health Study is running a hell of a racket.
All federal income taxes are filed at the same place: The IRS (OK, perhaps different addresses for different areas). Some places will give you a LOAN, a very expens…ive loan...frequently the point of many consumer group and legal actions because they are even abusive...based on your anticpated refund using your pay stub..but they normally then also charge a very large, (many times what it may cost otherwise) to file your return when they can and take that refund to pay the loan. They charge you a bunch to loan you YOUR OWN money! You can't even try to file until February 15th. Prior to that date you must make every reasonable effort to obtain a W-2 from your employer, who is required to mail or otherwise deliver your W-2 to you no later than January 31st. Also, you need any of the other forms (like 1099, from banks, etc), and if you do file withhout them, there are additional forms you need to provide so the IRS can find out why whoever was to provide them didn't. Obviously this can delay the processing of your return....and if the amounts you showed don't exactly match what is filed (and employers frequently have some year end changes that will make your last stub in accurate), you would have to file an amended return to correct it...or expect nasty-grams! Finally, if your wanting to do so because you have a large refund coming...especially if that is common for you...you should file a new Form W-9, to change the amount of withholding being done so your not always having too much taken out of your check through the year.
First your paycheck with your take home pay (net pay after all deductions) that you have in your hand will not have anything withheld from it because it is issued to you after… all of the necessary taxes and other amounts that the employer is required to withhold from your gross wages, salary, earnings, etc. To determine your amount of the social security and medicare taxes that you will have withheld from your gross wages multiply the amount that is supposed to be subject this tax by 7.65% and that should give you the total SS and medicare tax that may have been withheld from your gross earnings for that pay period. You should get this information from your employer payroll department as they will be the one that would know how much FICA, federal income tax, state income, local taxes, etc they will have to withhold from your hourly pay or gross pay for the pay period.