How much is federal tax?

Answer 1

No two people pay the same tax, even with the same "earnings".

And, considering all the major businesses, with hundreds if not thousands of stores, and other independents, and yet more services, - and all the software that is sold every year...all to help people determine how much tax is due...does it even make sense to ask how much is due on X $? Don't you get the feeling there has to be much more to it than that?

And of course, the amount you "owe' depends on how much you've already paid. And if you didn't have enough paid in, you likely owe penalty and interest too.

The tax paid 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 or eventually paid 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 needed), as well as your filing status, number of dependents and other deductions - like interest paid on a home. Or medical expenses. Or business expenses. Or, or, or. 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.