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When putting the steps of what happens to a taxpayerâ??s money, money is first withheld from the individualâ??s paycheck. The taxpayer then files their tax return and their tax refund, if one is owed, is given.
The amount of money withheld from a paycheck depends on your selection on your W-4 that you give your employer. The most will come out if you select 0.
If you claim one (1) dependent (yourself) on your W4 form you will get more money in your paycheck, and less will be withheld as part of tax withholding. Some people end up having to pay money to the Government at tax time because not enough was withheld during the year. Those people sometimes choose to claim zero (0) dependents on their W4 so that more money will be withheld during the year and they will have less to pay at tax time.
It's not important how much you make, its important how much you had withheld from your paycheck.The refund that you get from the IRS is just all of the money that was withheld from your paycheck throughout the year, minus what you actually owed in taxes.
The total Percentage amount of withholding for all items from gross wages or gross income. After the total Percentage amount is withheld from your gross pay amount then your net take home paycheck would be issued to you.
Headings on a paycheck stub help explain what money was earned by an employee and what money was withheld from a paycheck!!
Refund
When putting the steps of what happens to a taxpayerâ??s money, money is first withheld from the individualâ??s paycheck. The taxpayer then files their tax return and their tax refund, if one is owed, is given.
The amount of money withheld from a paycheck depends on your selection on your W-4 that you give your employer. The most will come out if you select 0.
The form you fill out before you start a job that will determine how much money is withheld from your paycheck for federal and state income taxes.
No deduction on your income tax return for the withheld amounts from your paycheck. All of the information from the W-2 that you receive after the end of the year will show all of the different withheld amounts and is used in filing your income tax return correctly to the IRS.
It is your salary or your wages.
If you claim one (1) dependent (yourself) on your W4 form you will get more money in your paycheck, and less will be withheld as part of tax withholding. Some people end up having to pay money to the Government at tax time because not enough was withheld during the year. Those people sometimes choose to claim zero (0) dependents on their W4 so that more money will be withheld during the year and they will have less to pay at tax time.
It's not important how much you make, its important how much you had withheld from your paycheck.The refund that you get from the IRS is just all of the money that was withheld from your paycheck throughout the year, minus what you actually owed in taxes.
Garnishment .
The total Percentage amount of withholding for all items from gross wages or gross income. After the total Percentage amount is withheld from your gross pay amount then your net take home paycheck would be issued to you.
Very likely not - epending on when nyou filed and when the money was withheld...the refund is because you had more money than needed withheld from your paycheck and pu in (essentially) a savings account at the IRS to pay your eventual liability. This money, earned and saved pre-filing, had you not had it put aside (or had you correctly estimated and completed the W-4 so the right amount was withheld), would have been available to pay the creditors. You know, you could literally have had 100% of your pay withheld....think it makes sense youc could get and keep it after filing BK?