Taxes and Tax Preparation
Income Garnishment
Income Taxes

What is the tax paid on the wages an individual earns?

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Answered 2009-11-06 17:39:30

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Which of these terms forms lists the amount of medicare taxes that were paid during the year?

You can find the amount that you paid in Medicare tax on your W-2 form that you receive at January of the following year. The amount of Wages the tax was based on is listed in Box 5 and the tax paid is in Box 6. Medicare tax is imposed upon all wages paid to an employee. Social Security Tax is limited to the first $110,100 for 2012 and $113,700 in 2013. The Medicare tax is imposed on all wages earned.

Indian income tax?

tax is important sources of government. it meet all the expenss of human wellfare, developments so it chareged or levied by individual, HUF, fir and companies earning incomes or profit.Answer:Every individual who earns an income in India is entitled to pay Tax on the Income earned by him during that financial year to the government of India. Calculation of the Income Tax to be paid by an individual is a cumbersome process. The government of India provides certain benefits to its citizens who earn an income in the country by means of deductions, exemptions etc.1. Salaries & Wages2. Bonus & Commissions3. Other Perquisite benefitsAre all considered for the purpose of taxation in India

What is tax deferred wages?

Tax-deferred wages is a reference to income of which there is no tax withholding. The taxes on the wages will be deferred until the end of the year.

Can IRS file a tax lien at the same time garnishing the wages?

Yes, they can place a tax lien at the same time. That helps guarantee that they get paid.

What was the average federal income tax per person collected in US in 2006?

What is the average taxes paid by the average tax payer? also What is the average wages paid to Federal employees? How many average taxes payers, taxes, it takes to pay the wages of one Fed. employee?

What has the author Deborah A Lasher written?

Deborah A. Lasher has written: 'Individual income tax paid in 1979 by residents and nonresidents and by filing status' -- subject(s): Income tax 'Individual income tax paid in 1977 and 1978 by residents and nonresidents' -- subject(s): Income tax 'Residential fuel, residential fuel conservation, and individual income tax credits claimed in 1979' -- subject(s): Income tax, Tax credits

Is Medicare tax a progressive tax?

It is not a progressive tax. It is a flat 1.45% for employees at all wages. The employer also must pay 1.45% for their employees for a total of 2.9% of wages per individual. Self employed income is under slightly different rules but it is still not progressive for them.

A federal unemployment tax is levied on?

Federal Unemployment tax (FUTA) is levied on the employer at 6.2% of wages paid up to $7000 per employee per year.

Do you have to pay state tax in New Jersey buying a car from an individual?

Yes, you pay tax, but not to the individual unless he has a dealer's license. Normally you will pay the tax when you register the car in your name. They will ask how much you paid for the car and the tax is based on that.

How does the Rate of tax on vacation compare to the rate paid on income?

Your vacation pay income tax rate will be the same as the income tax rate on all of your other gross wages income from the same employer.

What are the two situations in which an employer would be liable for a net FUTA tax greater than 0.8 percent?

In some states, the wages subject to state unemployment tax are the same as the wages subject to FUTA tax.However, certain states exempt some types of wages from state unemployment tax, even though they are subject to FUTA tax (for example, wages paid to corporate officers, certain payments of sick pay by unions, and certain fringe benefits). In such a case, you may be required to deposit more than 0.8% FUTA tax on those wages.See the Instructions for Form 940 for further guidance.Technically you will be paying the 0.8% on the taxable wages required by FUTA. Complication arises because of some states not taxing certain wages ...

If you are paid by a 1040 are you considered self employed?

You are confused. No one is paid by a 1040. A Form 1040 is an individual US tax return. It is filled out by all individual taxpayers at the end of the year to calculate their tax liability. That includes employees, the self-employed, and even the unemployed.

How many taxpayers are in the US?

For tax year 2005, 134,372,678 individual tax returns were filed. Of those filed, 99,880,223 actually had a tax liability and actually paid taxes.

Who must file an individual income tax return?

If you are earning money from either a job, wages of some kind, or the government, you must file a individual income tax return. There are factors though that say if you do not make a certain amount that it is not needed to be taxed.

What is meaning for in hand paid?

It means you work by hand and they pay you by hand. (: - It means to pay an individual for services when the money paid is not accounted for by tax agencies.

Should wages due on 01-01-10 but paid on 12-31-09 because of holiday be considered 2009 W-2 wages?

Yes. Form W-2 is Wage and Tax Statement. The cash method of accounting is used by many taxpayers. Under that method, wages are reported for the year in which they're paid. Any wages actually paid on December 31st are included in the total of wages paid for that year.For more information, go to www.irs.gov/formspubs for Publication 538 (Accounting Periods and Methods).

Does a housing authority have to send a 1099 for payments to another housing authority?

A US Tax Form 1099 is used to report wages and remuneration paid to an independent contractor (i.e.: meaning an 'individual' not an entity.Therefore 1099 would not be the ccorrect form for reporting money paid to another organization (such as another housing agency).

Do you pay taxes on the settlement of loss of wages claim?

Yes this is very possible because the amount is replacing wages that you had not yet received and paid any income tax on yet. So the amount will be subject to income taxes in the year that you receive the amount of lost wages.

Do you have to pay taxes on money being paid back to your employer?

Depends on what the payback is for...if it for an overpayment of wages that were taxed when mistakenly given to you, you would not pay tax on that.

How is unemployment insurance funded?

Benefits are generally paid by state governments, funded in large part by state and federal

What do you mean by direct tax and indirect tax give suitable examples also?

A direct tax is tax paid directly to the Government, by a person whom the tax is imposed on. An indirect tax is paid indirectly to the Government, trough a third party.A direct tax would be taxes like income taxes, where a person must personally pay a certain amount to the government. Indirect taxes are taxes such as property, social security, and sales tax, where there price of tax is either deducted from wages or added onto the payment of an item. The indirect taxes are paid the Government by the business that collects the tax.

If an individual inherits either real or personal property must they pay an inheritance tax?

No. If any inheritance tax is due it is paid by the estate prior to distribution.

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