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First of course, it depends on which component of the taxes withheld you mean. Federal income Tax withholding is paid over to the Federal Gov't, essentially into an account with your ID #, as an estimated payment toward the tax you will ultimately pay for the period...which is determined when you file your return (normally by 4/15 of the next year). If this withheld amount is too little, you pay the extra, or too much, you get it refunded.
Essentially the same with most other withholdings...but the type of tax determines where that account is and what it is used for. (So, for a State if for a State income tax).
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Can you file the amount of money taken out of your paycheck on you tax returns?
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.
Do you get a return on fica taxes paid?
When you have one employer the amount of FICA ((OASDI) Old Age Survivor and Disability Insurance) for your social security would stop once your wages with the withheld social security amount reach 106800 and social security amount withheld would be 6621.60 If you have more than one employer and your combined wages reported on your W-2 are more than the 106800 amount and your withheld social security amount is more than the 6621.60 then you would get a tax credit for the amount that is over the 6621.60 on your federal income tax return when you file the 2010 tax return in the year 2011. For the individual taxpayer that is filing the 1040 federal income tax return does NOT get a deduction for the FICA (social security taxes) that are withheld from the taxpayers earnings for the year. If you have more than one employer and your combined wages reported on your W-2s are more than the 106800 amount and your withheld social security tax amount is more than the 6621.60 then you would get a tax credit for the amount that is over the 6621.60 on your federal income tax return when you file the 2009 income tax return this year in 2010 or the 2010 tax return in the year 2011.
When cashing mature E bonds, can federal income tax be withheld from the interest paid on those bonds.?
The earned interest will be taxed the year they mature whether you cash them in or not
What percentage of wages is withheld for taxes by the federal government?
The percentage of wages withheld for taxes by the federal government varies depending on marital status, annual income, deductions, and exemptions. The amount withheld per pay period is at your disposal, you can choose to claim yourself as a dependent, and have a lower percentage withheld, or claim zero and have the income tax withheld at a higher percentage. A benefit of claiming zero is you most likely will not end up owing at the end of the year, and many end up with a sizable refund. The best way to figure out what to claim is to figure out using an annual chart released by the IRS what your federal tax for the year will be, and divide it among pay periods. The Federal Tax Rate schedule can be found on IRS.gov, and will outline the minimum tax for that bracket, as well as the percent at which the remaining income is taxed. For example, if you are married with no children, and you and your spouse file jointly, earning between $15,100 and $61,300, you will automatically be taxed $1,510 plus 15% of the amount over $15,100. The higher the income, the higher both the standard tax for that bracket, and the percentage for earned income over that amount, will be. 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. Workers 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 may 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. 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. 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.
Withholding tax rates on interest payment?
When you dont give bank etc. your tax file number they end up withholding tax of about 45%, but dont worry you can claim back the correct amount at the end of the year on your income tax return - you just have to write down the amount of interest you earned under the section that states "tax withheld."
Income tax withheld from each paycheck?
Income tax withheld from each paycheck
Can federal taxes withheld be tax deductible?
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.
What does income tax withheld mean?
Same thing as paying estimated taxes. Paying your income tax as you earn the income.
How do you get a us tax refund?
By having some income withheld from your worldwide income and then filing an income tax return to claim a refund of some of the amount that may have been over withheld. More than your federal income tax liability on all of your gross worldwide income.
Can you get an income tax refund if you do not work?
Not if you did not have some income tax withheld from some type of income or if you are qualified for some type of refundable tax credit.
What is Pre tax Income?
Pre-tax income is the same as gross income OR the money you make before taxes are deducted/withheld.
Income tax withheld from each paycheckand sent to the state or federal government?
You do NOT have any amount that is withheld from your net take home paycheck after it is issued to you. The amount that is withheld is calculated on your gross earnings for the pay period and is a advance payment of your possible future income tax liability. After your income tax return is completed correctly and IF the amount that is withheld is more than your federal or state income liability then you will receive a refund of the over withheld amount.
How much of your federal income tax withheld do you receive back in tax returns?
The amount of withheld federal income tax that is returned to you depends on a variety of factors. Your yearly income, marital status, number of dependents, and expenses are all used to calculate your tax return.
How can you get copies of state tax withheld on your W-2?
Should be able to get a copy of the W-2 from your employer showing the amounts of income tax that were withheld. Or maybe your state income tax department Or maybe from the IRS.
File taxes if no income withheld and have dependents?
Everyone is allowed to file tax. Whether you are required to file tax depends on the source and amount of your total income (not just earnings from your job) and your filing status. The fact that you had no income tax withheld does not necessarily mean you do not have to file tax.
Income tax withheld from each paycheck and send to the state or federal government?
tax
Is the income tax withheld from each paycheck sent to the state or federal government?
tax
