I think we used to say the best thing was to not have anything with held and self-withold by putting money in a money market fund or something and earn interest instead of letting the government earn it. But a few years ago I think tax law began to include a provision that if your withholding (or estimated quarterly returns) didn't come close to your tax liability you had to pay a penalty. My understanding is NOW that makes the strategy of under with holding not a good idea. The essense of the above is correct, except the underpayment penalty and interest due has been law for a very, very long time. Perhaps it is the advent of the computer and use by the IRS that makes this very mechanical calculation virtually always checked and any discrepancies charged.
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
Sure you can and it is possible that you would want to if you had any federal income tax withheld from your gross income because it is possible that you be due a refund of the FIT amount that was withheld.
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Federal $ 5000.00 unless they have more than $800.00 in interest, but if taxes are withheld you may want to file to get a refund. States vary.
on my w-2 the line where i should have federal taxes withheld has $0.00 and I want to know why
Answer is YES! If you have taxes withheld from the UIB amount you still have to put the amount on your 1040 and add the withheld taxes to other withheld taxes.
Not federal taxes. If you want federal taxes withheld, you have to specifically request it. Remember that in 2009, the first $2400 per person of unemployment benefits is not subject to federal tax.
what is used to determine the amount of federal taxes withheld from a paycheck
If no ND taxes were withheld, file in Minnesota.
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
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 on number of kids and if one is married. It also depends on if one is head of household.
It will depend on where you reside as to what taxes are withheld. Federal Withholding taxes, FICA taxes, and Medicare taxes are the federal taxes that are withheld. Most people will also be effected by State taxes and some will even have to pay city or county income taxes along with the other taxes.
Withheld for want of information
you bet
On a typical paycheck in the United States, you will see income taxes withheld and Medicare/Medicaid/Social Security taxes withheld.
Sure you can and it is possible that you would want to if you had any federal income tax withheld from your gross income because it is possible that you be due a refund of the FIT amount that was withheld.