 What are the advantages and disadvantages of having a flat tax? |
It seems like a good idea to me, but as an economic centrist, I prefer to weigh all the options before deciding what I like.
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That was TAX, not CAR.... |
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 How can I find out how much taxes I will owe if I withdraw from my IRA of $70,000? |
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I am 68, with low income which is less than $17,000 per year. No state taxes.... |
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 My husband is self-employed and "hires" a few guys to help him but he doesnt take taxes out of their checks.? |
| They get a 1099 at the end of the year. Is there any paperwork or anything they need to fill out to claim responsibility for their own taxes? Or is the 1099 enough?... |
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 Can two people who live with the same child claim that child? |
| My boyfriend and I live together, but we aren't married, our daughter lives with us. Can we both claim her since the person who she lives with 50 percent could claim her? Since she spends all ... |
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 What is the penalty for over withdrawl on an IRA? |
| I'm retired and rolled over my 401K to an IRA, but I've had to take out over $100,000 in a year. What will be my penalty?... |
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 Hom much is petrol in the area of the uk you live in?? |
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It's £1.009 a litre,at Welwyn Garden City Today!... |
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| Do i need to pay tax if i am selling used items on eBay? |
| I am In the UK England And am selling 10-20 things a ... |
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 I owe federal tax, why? |
| My sister earn a little more than I did and she's getting back little over $1000, and I owe the federal $439 dollars! WTF!!!! I bought a brand new car in 2006 and I included it on the 2007 taxes,... |
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 Why do I owe SO MUCH money? |
| I make $37,000 yr with a taxable interest income of $1,033. In previous years, I earned slightly more but got a refund. This year, I owe the Fed $214 and State $600+! What am I doing wrong???... |
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| Can a 17-year-old move out of their house legally before turning 18 in NC? |
| I am a 17-year-old girl living in NC and I wanted to know if i can legally move out if I only have 5 months till I turn 18. I am not only moving out to just have freedom, my home life is terrible. My ... |
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 When emmigrating to another country do you lose your entitlement to uk state pension? |
Ive been woking for a while and have paid a fair old whack of national insurance and tax in my working life.
If i was to emmigrate to another country would i lose my basic uk pension. (Can i ... |
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 Well I have got to pay my road tax on my car today £99. My question is? |
| What could I have bought for the £99 if I did not have to tax my poxy car with it.... |
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 Can I file head of household & claim my fiance as dependent on 2007 tax return ? |
| in 2007, He has bought and sold some stock & made $1700 in his traditional ira, earn $1007 interest on certificate deposit in his traditional ira, he cashed in US saving bonds & earn $1245.60 ... |
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 I have a tax question.......? |
| I filed my taxes last week and everything was fine until I got my return and it was only half of what if was supposed to be. It turns out that the student loan I have been paying off for a year and ... |
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Tiff | Is it legal for employers to take SS tax out of bonus checks in TX? |
as well as the 401K amt? |
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acermill
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It's not only legal, but required under federal law. Any income you receive from an employer as a wage or bonus will be taxed SS and Medicare up to the maximum limit, which is $97,500 for 2007. Any amount you have directed to be invested in your 401K is irrelevant, other than that the 401K amount should not be taxed. That's a pretax investment. |
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mcmufin
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They are required to do so. A bonus is regular income for tax purposes, so a percentage of it is taxed, taken out for Social Security, and applied to you 401(k). |
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crazydave
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Yes. Bonuses are taxable just like any other income. If you have a designated percentage going in to your 401k, then they will automatically withhold the 401k amount, too. |
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Judy1
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It's not only legal, but required, that they take out the social security. As to the 401K, you've directed them to take out a certain amount from each paycheck, and a bonus check is a paycheck, so yes they would normally take it out - that's actually to your advantage. |
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TedEx
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Yes it is. Bonuses and commissions are considered part of your salary. |
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bostonianinmo
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It's not only legal, it's required on the SS and Med taxes. It's not specific to TX, as those are Federal taxes.
The 401(k) amount depends upon the plan. Mine allows me to specify a higher % from bonuses if I choose but it has to be at least the same as my regular pay. |
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Dr. Deth
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social security comes out of any and all kinds of pay until you reach the 97500 YTD limit, then just the 1.45% medicare tax comes out. If you were getting 401k out of your regular pay and the company policy is to deduct 401k contrib on bonus payments, then the company is correct - there is nothing illegal here |
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PepsiLime
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sure it's legal to take ss tax out of bonus checks, call it salary or call it bonus it's still taxable wages subject to social security. The only time social security wouldn't be taken out of a bonus is if the person was already at the social security limit for the year. And 401k amount being taken out is perfectly fine as well. |
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towanda
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If you are an employee, your employer has to take out social security taxes. You cannot get paid as an employee and contract labor for the same job. Your 401k I have no idea. . . |
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