0
What else can I help you with?
Can a person claim exempt of federal taxes for only one paycheck?
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
Taxable income is used to compute a person's?
Taxable income is the amount on your 1040 federal income tax return page 2 Line 43 and is used to determine the correct amount of your federal income tax liability for the tax year 2010 after your income tax has been completed correctly to line 44 $$$$????
What are witholdings?
When something is withheld, that means that it is removed from something else. For tax purposes, it generally refers to the taxes that are removed from a person's paycheck. For example, an employee has the following taxes removed from each paycheck: federal income taxes, state income taxes (if applicable), Social Security taxes, and Medicare taxes. The federal and state income taxes are prepayments of the tax you're expected to owe, so you will claim these payments when file your tax return. The Social Security and Medicare taxes (usually referred to as FICA) are taxes that get paid towards benefits you may be eligible for in the future. You pay half of these required taxes and the employer pays the other half (Self-employed people pay the entire amount themselves).
Does a person drawing workers comp have to file taxes?
If worker's compensation is your only income for you and your family then no you don't have to file taxes. Worker's Compensation is not taxable on Federal Income Taxes.
Who is deductee?
Deductee is the person, from whom the tax is being deducted.
Which of these statements is trueMore allowances deducted from a paycheck ensure that a person will receive a large refund at the end of the year?
The fewer allowances an employee declares, the more money the federal government will withhold from a paycheck.
Can a person claim exempt of federal taxes for only one paycheck?
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
What is one reason the federal government collects income taxes from every paycheck as a person earns wages?
so that the government can pay bills as they come due
Which amendment is referenced if a person receives a 600 paycheck and the government takes 200 in taxes?
The amendment referenced in this scenario is the Sixteenth Amendment to the United States Constitution, which permits Congress to levy an income tax without apportioning it among the states or basing it on the U.S. Census. This amendment allows the government to collect taxes on individual earnings, such as the $200 deducted from a $600 paycheck.
How does the federal government determine how much income tax a person is to pay?
Taxation is based on the Tax Code, the laws that have been passed. In general, it is a percentage of income, with the higher incomes paying a higher percentage, up to 50%. Certain things and costs can be deducted from income and certain items are a credit against taxes.
How can I obtain my W-4 form?
You can obtain your W-4 form from your employer, either in person or through their online portal. It is a document used to determine how much federal income tax should be withheld from your paycheck.
If a person receives a paycheck for 600 and the government takes 200 in income taxes it is a result of which amendment?
sixteenth
Does a person released from a court on bail money have to file taxes on that money?
No, it is not considered earned income, nor can it be deducted as a business expense.
Do NY pay federal taxes on unemployment?
Unemployment benefits are subject to federal income tax in every state. However, in 2009, the first $2400 per person is exempt from federal income tax.
At what age does a person no longer have to pay federal income taxes?
No such thing...young or old...the tax is based on income and your age is irrelevant.
How is the federal income tax a progressive tax?
The Federal income tax is a progressive tax because the more a person makes in revenue, the more tax they will have to pay. The tax level or percentage is higher for those with a higher income, too.
How are payroll taxes distinct from personal income taxes in terms of their impact on an individual's financial obligations?
Payroll taxes are taxes that are deducted from an individual's paycheck by their employer to fund programs like Social Security and Medicare. These taxes are separate from personal income taxes, which are paid by individuals directly to the government based on their income. Payroll taxes are typically a fixed percentage of an individual's income, while personal income taxes are based on a person's total earnings and can vary depending on deductions and credits. Payroll taxes are specifically earmarked for certain programs, while personal income taxes go into the general fund of the government.
