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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 many 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 required), as well as your filing status, number of dependents and other deductions (like interest on a mortgage) or contributions to 401K, or medical slections. 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. The variations are so numerous that it is fair to say that it would be uncommon for 2 people, working a the same job making the same salary would have the same amount withheld. There are even a number of different legal ways for the payroll provider to calculate 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 and interest charges). Again, adjusting your W-4 is the way to correct for any of these circumstances.
What else can I help you with?
What is the FICA withholding income limit for 2009?
In 2009, the IRS set annual Social Security wage base limit at $106,800 at 6.2%. That would make the maximum FICA withholdings $6,621.60.
What percentage is the IRS monetary gift tax?
45 percent
How could a person be exempt from having withholdings taken from his or her pay?
A person may be exempt from having withholdings taken from their pay if they meet specific criteria set by the IRS, such as earning below the minimum income threshold for taxation or having no tax liability in the previous year and expecting none in the current year. To claim this exemption, the individual must complete IRS Form W-4 and indicate their exempt status. However, it's essential to ensure that this status is accurate, as claiming exemption falsely can lead to penalties and tax liabilities.
How long does it take to receive a check from the IRS by mail?
The time it takes to receive a check from the IRS by mail can vary, but generally, it takes about 4 to 6 weeks after the IRS processes your tax return. However, delays can occur due to factors like high processing volumes or issues with your tax return. For more accurate estimates, you can use the IRS "Where's My Refund?" tool. If significant time has passed, it may be advisable to contact the IRS for more information.
How much can irs garnish from paycheck?
The IRS can garnish your wages if you owe the government back taxes or defaulted on your student loans. They can take as much as it takes to pay off the debt.
How much should I claim in withholdings on my taxes?
The amount you should claim in withholdings on your taxes depends on your individual financial situation. It is recommended to consult with a tax professional or use the IRS withholding calculator to determine the appropriate amount to claim.
What is the FICA withholding income limit for 2009?
In 2009, the IRS set annual Social Security wage base limit at $106,800 at 6.2%. That would make the maximum FICA withholdings $6,621.60.
What is a good tax calculator?
The IRS withholding calculator can be found at http://www.irs.gov/individuals/article/0,,id=96196,00.html Your state may have its own website to determine state withholdings
What is the yearly amount one can contribute to a 403B?
The IRS just released the figures for 2011 and they will be $16,500.... unchanged from 2010.
What is the duty of IRS?
First off, why is this in Call of Duty topics? Second, The IRS takes care of Taxes.
What percentage is the IRS monetary gift tax?
45 percent
How could a person be exempt from having withholdings taken from his or her pay?
A person may be exempt from having withholdings taken from their pay if they meet specific criteria set by the IRS, such as earning below the minimum income threshold for taxation or having no tax liability in the previous year and expecting none in the current year. To claim this exemption, the individual must complete IRS Form W-4 and indicate their exempt status. However, it's essential to ensure that this status is accurate, as claiming exemption falsely can lead to penalties and tax liabilities.
What percentage does the IRS accept for business use?
Whatever you can prove. (Not being sarcastic.)
How long do I have to go to school to become an IRS Lawyer?
It takes 7 years to become a lawyer. Plus some accounting classes for IRS.
Where is it possible to learn about IRS wage levy?
An IRS wage levy is where the IRS takes a portion of a paycheck towards money owed to them. To read more about the levy process one can go to the IRS online website and find out more details.
How long does it take to receive a check from the IRS by mail?
The time it takes to receive a check from the IRS by mail can vary, but generally, it takes about 4 to 6 weeks after the IRS processes your tax return. However, delays can occur due to factors like high processing volumes or issues with your tax return. For more accurate estimates, you can use the IRS "Where's My Refund?" tool. If significant time has passed, it may be advisable to contact the IRS for more information.
By what process is federal income tax collected?
Believe it or not the federal income tax system is a voluntary system. The government relies on employers sending in employee withholdings, and taxpayers sending in estimated payments.
