0
You could have some other amounts beside the taxes above that your employer payroll department would be required to calculate and withhold from your gross salary earnings before the payroll department would be able to issue you your net take home paychecks.
You should ask the payroll department for some numbers because they would be the only one that would know all of the different amounts that they will be required to withhold.
The amount of taxes that are withheld during this earning period is the same as estimated tax payments and if too much is withheld you will receive the over withheld amount back as a refund once your 2010 1040 federal and state income tax return is completely correctly and filed to the correct IRS address. If not enough federal and state income were withheld then you will end up owing some more taxes when the income tax returns are completed correctly and you will then have send the owed amounts with the income tax returns when they are filed in the year 2011.
Still curious? Ask our experts.
Chat with our AI personalities
Lao
Professor
TaigaAdd your answer:
Earn +20 pts
Income tax withheld from each paycheck and sent to the state or federal government?
withholding tax.
12.00 per hour is what per year?
$24,960 per year, gross (pre-tax). $19,968 per year, net (after standard taxes on average).
If you make 15.00 hour for 8 hours how much is that for a year?
$15/hr. x 40hrs./wk. = $30,000 gross (pre-tax) pay per year.
Equate 40000 dollars a year to dollars per hour?
Its about 19.25 an hour, 40000$/52/40=19.23 an hour, pre tax of course...
If you make 12.50 per hour how much do you make a year?
That depends on how many hours per week and weeks per year you work, and if your paid whilst on holiday, it varies by employer and country. Lets assume you work 37 hours per week, and get 28 days paid holiday (typical for the UK)Then 12.50 x 37 hours = 462.50 per week462.50 x 52 weeks = 24,050 per year gross (before tax and other deductions)
How much does social security cost per year?
For 2008, the maximum social security tax withholding for an individual is $6,324, the tax on $102,000. For 2009, the maximum social security tax withholding for an individual is $6,622, the tax on $106,800.
How much will paycheck be at 38000 a year claiming married 0?
I will assume you are paid weekly. $38,000 per year is $730.77 per week. Per the 2009 Circular E, the federal income tax withholding will be $72.00 (wage bracket method) or $71.16 (percentage method). Social Security withholding is 6.2%, or $45.31. Medicare withholding is 1.45%, or $10.60. I have no idea what, if any, state or local income taxes you have, so your net weekly paycheck will be approximately $603.70 less any state and/or income tax withholding.
What is wage tax?
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.
Why withholding tax is required in SAP?
Withholding tax is not required in SAP but this functionality available for the countries where it is required. There are two kinds of Withholding tax, Classic and Extended.
Which tax withholding is required by the US Federal government?
You are required to have paid in at least a total equaling 90% of your total income tax paid in the previous tax year. If you do not have at least that much paid and applied to your tax for the current year through withholding and estimated tax payments then you will be subject to a tax penalty plus interest.
Is a retirement pension subject to Federal Income tax withholding?
Yes, retirement pensions are typically subject to Federal Income tax withholding unless they are from non-taxable sources such as Roth IRAs. The amount of tax withheld depends on the individual's withholding elections and tax bracket.
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.
What is the federal tax withholding rate?
The withholding tax rate is based on the W-4 form you complete at the beginning of each tax year. This tax that is withheld from your paycheck during the year is merely an estimate of the taxes you will owe at the end of the year. You are required to pay into the IRS an amount equal to or exceeding 90% of the tax you owed in the previous tax year. If you do not pay this amount of more you may be subject to tax penalties due to underpayment of taxes so you really need to be carefull to pay enough tax during the tax year.
Difference between income tax and withholding tax?
The income tax is what is paid by "withholding of tax" from someones payment/pay. Other taxes or charges, like insurance, worker comp, etc may be [apd by withholding the amount from payment/payroll. There is really no such thing as a tax on withholding.
What is Classic Withholding Tax?
Classic Withholding Tax applies to the practice in some countries for people paying invoices to hold back a certain portion of their payment for withholding tax purposes. The United Kingdom is one of the countries the utilizes the Classic Withholding tax method.
Is withholding tax a direct tax?
yes
What is total federal income tax withholding reported on the Thurstons' tax return?
16. The Thurstons' total federal income tax withholding is $
