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What is the 2008 California non-resident withholding tax percentage?
It is 7%
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A Cooperative Society does not pay withholding taxes. Withholding taxes are taxes deducted at source from incomes earned by individuals and corporate bodies that are subject t…o payment of taxes. The taxess so withheld are subsequently deducted from the final tax liabilities of such individuals/corporate bodies. Since Cooperative Societies do not pay taxes on their profits it will be impossible to deduct such withheld taxes and so the Cooperative suffers.
There are many ways to do so...questions on why your withholding is what it is should be addressed to whoever is making the calculation, which is done pursuant to the info you… provide on your W-4. AGAIN, IT IS CONTROLLED BY YOU...NOT SOME OUTSIDE or SET AMOUNT. If you need to adjust it, because your circumstances require more or less to be withheld to approximate your liability after other income, or special dedcutions you may have...that can be done through them. Understand that many things are withheld from pay, some but not all are tax...and not all people call the same things "tax". Is FICA contributions tax? Many don't think so. Or unemployment contributions? Etc. So you have to define what it is you're speaking about. The amount wittheld, like the amount of tax actually determined to be due, is dependent on many, many factors...such as your maritial and family status, other income and expenses, how other employer beenfits are handled (like retirement contributions, health and medical, etc., etc). It is very reasonable to say that even 2 people at the same job making the same salary will commonly have very different amounts withheld.
Withholding taxes are taxes that are subtracted from a payment by a third party before you receive the payment. Examples of this are: your employer takes taxes out of your pay…check before giving you your pay only only gives you what is left of your pay. Or a casino subtracts taxes from a jackpot you won and only gives you what is left. Non-withholding taxes are taxes you have to pay yourself directly to the government. Examples are a check you send with your Form 1040 or a payment you send when you get your real estate tax bill. Remember that withholding taxes do not represent the actual amount of tax you owe. They are just a crude estimate of what you actually owe. The actual amount owed is calculated when you fill out your Form 1040 at the end of the year. Most people do not properly fill out Form W-4 that they give to their employer and so pay much more withholding tax than they need to. Then at the end of the year when they fill out their Form 1040, they get a refund.
To determine the amount of tax withhold, employers use tax tables or the percentage method. With the percentage method, the withholding tax rate ranges from 2 up to 6 percent.… If taxable income is under $8,000 the withholding rate is 2 percent. For taxable income $8,000 - $10,000 the rate is 3 percent. For $10,001 - $12,000 the rate is 4 percent. For $12,001 - $15,000 the rate is 5 percent. For over $15,000 the rate is 6 percent. . For more information, go to Georgia Department of Revenue website, etax.dor.ga.gov. Select Forms and Publications to view State of Georgia Employers Tax Guide.
Social Security withholding is 6.2% and Medicare withholding is 1.45%. These two are added together (7.65%) and referred to as FICA.. These amounts are matched by the employe…r, so a total of 15.3% of every dollar earned is paid to the IRS for FICA.. The Social Security is capped at a maximum wage of $97, 500 (for 2007. The max increases every year). After the max wage is earned, no SS is withheld. Up until recently, Medicare was capped at the same amount and remitted on the same tax form (Form 941); therefore, these two taxes were usually added together and called FICA on a paystub. Now however, there is no cap on the medicare portion, so most paystubs will split out SS and Medicare
Same thing different words
Withholding tax is not required in SAP but this functionality available for the countries where it is required. There are two kinds of Withholding tax, Classic and Exten…ded.
When a person, such as an employer, makes payments to another person, they must withhold and then pay a specified percentage of this payment to the Internal Revenue Service (I…RS). This is called backup withholding . These payments have conditions set by the IRS, and there are many variables regarding what type of payments backup withholding can apply to.. Backup withholding payments can apply to most payments that are reported on an IRS Form 1099. These can include interest payments and payments by brokers, as well as royalty payments. Other payments may include dividends, patronage dividends if at least half the payment is in money, rents, and profits. Commissions, fees, or payments for work undertaken as an independent contractor may also be liable to backup withholding.
By withholding I will guess that you mean the amounts that you are contributing to your 401K BEFORE income taxes (deferred compensation amount) that will not be subject to the… income taxes during the year and will reduce the amount of your taxable gross wage amount that is reported in box 1 of your W-2 form at the end of the tax year. The deferred contribution amounts will be subject to income tax in future years when you retire and start receiving distribution the taxable distribution amounts from your 401K plan and at that time the taxable amounts will added to all of your other gross worldwide income on your 1040 income tax return and subject to the federal income tax at your marginal tax rate.
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. Worker…s 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.
That is the job of the Federal Government and State in which you live. It is not something you can or should be involved with. If they fail to pay, you are not liable, they ar…e. The easiest way to see if they are paying at all is if they still give you a check. The Federal Government is fairly quick to shut down companies that don't pay.
social security tax
Yes.. They are a for profit school so no you cannot claim it on your taxes. Sucks i know my husband is going there
Withheld taxes are used for several things. City taxes and state taxes are withheld from one's paycheck. Federal taxes are also withheld from your check. That amount depends o…n number of kids and if one is married. It also depends on if one is head of household.
All tax the is withheld from your paycheck is based on your gross income for the pay period. The percentage for FICA for the employee is 6.2% and for Medicare tax is 1.45% of …your gross income. Now the State and Federal Income tax withheld is based on your gross income but is not just a percentage. There are tax tables that give the amount to be withheld and it takes into account the filing status of the employee and the number of exemptions he/she claims on their W-4 form. The employee can also have additional flat amounts withheld in addition to the tax table amounts. The taxpayer can also claim exempt from Federal and/or State withholding if they did not owe any tax in the previous year and do not expect to have any tax due in the current year. The employee is completely responsible for these actions. The employer matches the FICA and Medicare Taxes that are withheld from the paycheck, so in effect the employer and employee each pay half of these taxes.