 Can someone explain a W2 form to me? |
| i just got hired at smoothie king and he said i needed to fill out a W2 form. what the heck is that?... |
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 Is it true that if you are expecting a return you only have to file taxes every 3 years? |
| I was on the phone setting up some payments for some loans and the lady informed me that if a person is expecting a return from their taxes, they do not have to file every year, but every 3 years. S... |
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 Budget 21st March..UK? |
What do the people of the UK expect to hear in the budget on the 21st March ?
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Davy B
We dont need tax increases to pay for more cops..NHS or prisons
If the ... |
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 What's guaranteed besides death and taxes??? |
| are there any other anomolies like this???... |
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 Would a National Sales Tax be better or more fair than Income Tax? |
I think it would be more fair, and would be much harder for scofflaws to dodge. What do you think?
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Hey, to then lady who left "Look it up" as a source - this ... |
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 If I sell my house without putting the proceeds into another house, how can I avoid taxes? |
| My employer will build a house and allow my family to live in it rent free. We will sell our house. We will make quite a bit when we sell our house. Since we won't be reinvesting in a house, I... |
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 Can we claim the interest we pay on our mortgage on this years tax return? |
| I was told that we could claim the intrest we pay to our mortgage company & that we'd get most or maybe even all of it back on our 2007 return. My husband & I are young & just bought ... |
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 IRS Problems? Help.!!!!! Need Legal advice.? |
| I have a joint account with someone who owes money to IRS. Yesterday a large amount of money was withdrawn from our account. Can they withdraw money from a JOINT accout. Even though the other ... |
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 I worked at Bath &body works only 2 days in 2007.when im gonna get my w2? any ideas? it's january 29 2008 !!!! |
| i worked at Bath & body works during the holiday season of 2006,then i only worked 2 days in january 2007. i really need to know when i am gonna get my w2. it is already january 29 ,2008 .last ... |
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 Where is my Stimulus Rebate Check??? |
Ok...is anyone else in my situation?
My SS# last 2 digits fall between 00-21 and I was "suppose" to receive my rebate on May 2 by direct deposit according to my "... |
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 Is there a law stating we have to pay federal taxes? |
| I have been doing some research into the Federal Reserve Bank and how it states in our constitution that hiring a private bank to mint monies for the government is illegal. As a result of the F... |
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 Why do i pay fica taxes? what are fica taxes? |
I know that I am paying twice as much for FICA as I am federal withholding. What's this all about?
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But why is it so much? I'm paying DOUBLE what I am in ... |
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Giggles | HELP! Federal Tax? |
I don't know how to explain this too well, so bare with me...
Yanno, on your check stubs from your work how it subtracts your total pay because of state tax, and federal tax?!
I am really desperate to know where I can find out how much federal tax I pay from my weekly income.
Either please give me a website where I can find out how much of my pay goes to federal taxes, or give me cents per dollar taxes...
I live in Missouri, and our state tax is 7 cents to the dollar, I believe. :| (If I'm wrong, please correct me!)
I just wanted to know how many cents to the dollar I pay for federal taxes.
GREATLY appriciated! |
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lcmcpa
 |
Your employer is required to show you on your stub how much was withheld for federal taxes, states taxes, social security taxes, and medicare taxes. The amount deducted from your pay is not the amount you actually pay. That is determined by your 1040 tax form filed next year. Any overpayment will be refunded. You will owe any underpayment.
If you want more information you can email me. |
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Judy1
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The federal tax isn't a flat rate of cents on the dollar, the amount per dollar changes depending on your total income and several other things.
If you take the federal tax amount on your paystub and divide that by your gross income (before taxes are taken out) on that same paystub, you'll get your answer at least for that paycheck - if your paychecks vary, then could be a little different each time. And remember that what's taken out is not exactly what you'll owe - if you get a refund at the end of the year that would have to be subtracted out.
The list I have for state taxes shows Missouri also has a variable rate depending on income, and it's lower than 7% or 7 cents on each dollar. Unless something changed a lot very recently, I'm guessing your info is off on that. |
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Payroll Guy
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Every payroll system I've ever seen shows you how much taxes are withhled when it creates your paycheck. However, federal taxes are based on a graduated scale. The more you make, the more you pay but there is no flat percentage. A very good website is paycheckcity.com. Plug in your pay and federal exemptions and it will show you how much tax a payroll system shoud take for you. Don't forget to deduct anything that is exempt from federal income tax first like medical (usually) and 401k. |
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MukatA
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Employer will withhold
1. Social Security tax 6.2% of the first $97,500 in wages for 2007 and the Medicare tax is 1.45% of all wages. Then there may be state disability/unemployment insurance at a fixed percentage rate (depends upon your state).
2. Then you have federal income tax and state (depends upon your state) income tax withholding. These withholding depend upon what you have put on your W4; you tell your employer howmuch income tax they should withhold.
3. 1. If you put more allowances on your W4, your employer will withhold less federal and state taxes from your pay check, but your social security and medicare deductions don't change.
4. In January 2008 your employer will send you a form W2. It shows your total income and amounts withheld for various accounts (SE tax, federal tax, state tax...).
5. You will need to file your federal and state income tax returns in 2008 by April 15, 2008. The returns will show your total income (from W2) and your total federal and state taxes on that income (these tax figures has nothing to do with what you put of your W4).
6. Now if on W2 you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If on W2 you paid less federal taxes than your federal tax liability as per your return. |
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luv2bfit
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Your check stub should show "federal income tax withheld". When you find that amount on your checkstub, find your "gross pay," divide the federal income tax withheld by the your gross pay. That will give you the percentage. For example, if the amount withheld is $20 and your gross pay is $200, the percentage would be 10%. |
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src50
 |
You are confusing sales tax with income taxes, it appears.
Your check stub should list things such as:
FITW (Federal Income Tax Withholding)
SITW (State Income Tax Withholding)
FICA (Social Security Tax)
and possibly some additional. The tax "rate" depends on your tax bracket and what you told the employer to withhold when you filled out your W-4 form. |
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nicknameyo
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Just divide the amount it shows as being taken out for federal taxes by your gross income and that is the portion of your pay that goes for federal taxes.
Also, make sure that you have an accountant prepare your tax return as you may be entitled to a refund. |
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Dancing Man
|
Unfortunately, we've got a complicated tax system in this country, so it's not easy to figure. The amounts withheld from your pay are paid by your employer to the Internal Revenue Service (Federal) and Missouri Department of Revenue (state) on your behalf. However, the amount you'll end up owing will be more or less than those amounts (usually less and you'll get a refund) depending on how much you make during the entire year, your marital status, dependents, deductions, etc. To make it more complicated, the federal tax rates are progressively higher as your income increases. Missouri's rate is 6%, not 7% for most people, after deductions and exemptions, by the way. If you have a modest income and are single, you'll probably pay about 15% of your income in federal taxes; maybe less. If you have a low income, live in the St. Louis area, and will need assistance with getting your income tax returns prepared for free, contact the St. Louis Tax Assistance Program at www.stlouistap.org Otherwise, you can get an idea at Yahoo finance, or buy the computer software after January 1st and prepare them yourself. Good luck! |
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Lolliebums
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It should say on your stub how much you pay for fed tax. Divide the tax they took out by the gross amount of your paycheck and there is ur answer in percent |
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