What would you like to do?
what does ImpIncHypo mean
1 person found this useful
Was this answer useful?
Thanks for the feedback!
Federal Insurance Contributions Act (FICA) in other words, it is your Social Security Tax.
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.
ANYONE THAT IS DOING SO ANYWHERE IS RIPPING YOU OFF. As below, a check stub is NOT allowed to file taxes, unless you wait and file many other forms...so read below that about …what is actually ahppening to you (Revenue Anticipation Loan or RAL) First you must wait until at least 2/15 and it's wise to try and get it. It is essentially required for filing, and certainly for processing of the return once filed. If you still can't get it, do as the below: Form W-2 and Form 1099-R (What to Do if Not Received) If you do not receive your Form W-2 or Form 1099-R by January 31st , or your information is incorrect, contact your employer/payer. If you do not receive the missing or corrected form by February 14th from your employer/payer, you may call the IRS at 1-800-829-1040 for assistance. You must provide your name, address (including zip code), phone number, Social Security Number, dates of employment, your employer/payer's name, address (including zip code), and phone number. The IRS will contact the employer/payer for you and request the missing form. IRS will also send you a Form 4852 (PDF), Substitute for Form W-2 or Form 1099-R. If you do not receive the missing form in sufficient time to file your tax return timely, you may use the Form 4852. If you receive the missing or corrected Form W-2 or Form 1099 after you file your return and a correction is needed, use Form 1040X (PDF), Amended U.S. Individual Income Tax Return. For additional information on filing an amended return, refer to Topic 308, Amended Returns. PROFESSSIONAL OBSERVATION BY Wiki: EXPECT THIS TO DELAY YOUR RETURN ROCESSING A BIT. HOWEVER, NOT DOING SO WILL CAUSE MORE PROBLEMS & DELAYS THAN YOU CAN IMAGINE! REVENUE ANTICIPATION LOANSFirst...your almost able to file for your own refund normally now anyway!Anything that loans you on your refund are places doing refund anticpation loans (RALs). Universally denounced as one of the worst things anyone can do financially. Consumer abusive and trying to be outlawed in many areas. They actually give you a loan based on your anticpated refund...at a massively high interest rate (especially as they are lending you your own money) and then, as part of the agreement, require they file your actual return (when all the paperwork is available), at probably 5 or 6 times the fee they would normally charge (and that to file a return that can be done for free on line anyway). H&R Block was sued by several states and paid a huge penalty...and basically is forbidden from doing this type of business anymore. However, they changed it around a little and essentially still do. However, some consumer success was had and any Co that does do it is now required a separate lisc to do so.If if your having too much withheld, that is what needs to be corrected, (and could have been at anytime during the year), by contacting your payroll dept and filing a new W-4 with them.The below is from an independent source:According to the Consumer Federation of America and the National Consumer Law Center, RALs are controversial because, like payday loans and title loans, RALs are high-profit, low-risk loans marketed toward the working poor. A 2006 study by the NCLC and the Consumer Federation of America found that "Based upon the prices for RALs in 2006, a consumer can expect to pay about $100 in order to get a RAL for the average refund of about $2,150 from a commercial tax preparation chain this year."Supporters of the practice say the loans allow people access to funds immediately in cases of an emergency such as overdue medical bills, credit payments, and other debts while they wait for the IRS to process their income tax return. However, this argument is misleading: taxpayers can file form W-4 to adjust their withholdings to the correct level. When this is done, a taxpayer can hold on to all cash that would be offered by an RAL without paying any fee, thereby making the cash available at any time.Supporters of RALs may contend that the high fees are justified by the high risk associated with these loans, since there is a possibility that the IRS will issue a reduced refund or none at all, depending on whether the taxpayer followed the correct procedures in calculating his or her tax.Opponents of RALs, like as the National Consumer Law Center, argue that the profit motive of the lender results in RALs being issued too often to low-income individuals who are made to believe the wait for their refund is longer than it really is, who do not realize they are taking a loan, do not understand the high interest rates charged by the loan (often exceeding 100% APR), and who do not actually need the funds immediately. An empirical study at Georgetown University found that a large percentage of RAL customers appear to use limited decision processes.More than half of all RAL consumers are low-income recipients of the Earned Income Tax Credit (EITC); in 2006, the NCLC estimates RAL loans cost RAL recipients $1.24 billion (USD) in loan fees and another $360 million in administrative, electronic filing and application fees.In 2002, H&R Block settled a lawsuit brought by the New York City Department of Consumer Affairs for predatory lending practices with regard to RALs and the EITC.In 2003, the Illinois Attorney General issued a detailed warning to taxpayers about such loans.On February 15, 2006, the California Attorney General, Bill Lockyer, sued H&R Block over its refund anticipation loan business,citing interest rates exceeded 500%, including fees (which included the tax preparation fee, which is unrelated to the RAL, but included per California law). Lockyer said the company falsely portrayed the nature of the loans, advertising "cash, cold, green, in your hand, out the door."In May 2005, a federal judge in Chicago rejected a $360 million settlement as inadequate.Under the National Bank Act, national banks and their agents who make RALs are broadly excluded from regulating RALs. The only actions that states bring against RAL providers involve allegations of falsely portraying the circumstances of the loan, or fraud. A RAL is a legal loan beyond the scope of the ability of any state agency or state legislature to regulate as a matter of federal law.RALs are within the legislative scope of the United States Congress and to a considerably lesser extent the regulatory authority of the IRS; however, Congress has not demonstrated serious interest in this subject and while the IRS did issue a "Advance Notice of Proposed Rulemaking" in January 2008 that would prevent the tax preparer from sharing tax return data with the lending bank, the advance notice was very poorly received on Capital Hill because of implications that it would have had for other types of loans where tax returns, tax return data, and CPA statements are used as part of a loan decision package.
I don't know what that means but I do know that you don't know *ha ha*.
That is the money not in the check you receive but rather taken from the amount you earned and sent to the Fed gov't (IRS) on your behalf, where it is in an account and you cl…aim to pay for the TAX due from you on earnings for the year. It is an estimate of how much you may owe on those earnings, the actual amount, which changes with every persons situation, may be more or less.
fit = F.I.T. = Federal Income Tax
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.
Federal Unemployment TAX (FUTA)
Federal Withholding Tax
Yep. Either that or the Farmworkers Health Study is running a hell of a racket.
The payroll tax for Medicare is Medicare. The payroll tax for Social Security is FICA.
I need my check stubs
MICA TAX is referred to your Medicare deduction.
I need to get a print out of my check for goodwill industries for the following wek of august9,2013
State Withholding Tax, which is to pay state taxes