How much tax you pay or have taken out depends on many, many things...not the least of which is what you consider tax. Many people group all their withholdings/reductions 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. And many must be paid either way, if your an employee or if your the proprietor.
The amount of tax you get back (or additional owed) depends on how much you paid in by estimated payments (if you didn't have payroll withholding, which is in itself, just a way to make estimated payments on what you may ultimately pay). And you must make estimated payments through the year (basically quarterly, the last one for 2007 is due today, 1/15/08) if your above some very low income limits, or you will pay substantial penalties and interest.
The amount of tax withheld or eventually paid also depends on 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 needed), as well as your filing status, number of dependents and other deductions (like interest paid on a home, charity, medical expenses, etc). For withholding, 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, and then properly reporting them on your 1040.
Finally, there are a number of different legal ways for the payroll provider to calculate certain aspects of 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). Again, adjusting your W-4 is the way to correct for any of these circumstances. Obviously, with all the variables, everyone, even two similarpeople working in identicle jobs, will pay different taxes...and that is why each person needs to figure their return and file it. Which can be done for free at www.irs.gove and following the links.
If I retire and my income is $4500. a month, how much federal income tax will I pay?
8.75%
The settlement will be listed as income on your Federal tax return. You will pay the tax percentage of the bracket you are in that year.
These are the tex tables that show how much federal tax in 2012 you should pay relative to your income. These taxes are based upon your income and filing status
397.15
I made 40000 and have 4 depentance,how much federal tax do I pay?
If I retire and my income is $4500. a month, how much federal income tax will I pay?
How much federal income tax is paid on $9600.00
8.75%
On my pay stub there is a USS tax and no federal tax? Is USS federal tax?
The settlement will be listed as income on your Federal tax return. You will pay the tax percentage of the bracket you are in that year.
A church has to Pay State Tax.
Yes...all State citizens pay US federal tax...no exceptions.
The elected legislatures of the Federal, State and local governments.
If your marginal tax rate is 35% the amount of federal income tax would be 21000.
Answer the above question please. jcrra6@aol.com
Turbo tax provides a federal tax refund by determing how much money you pay from your bills and mortgage and turning it into extra money that you can use in the near future.