 What is the benifit to have a pan? |
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what is the benifit to have a pan card?
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 Where's my refund irs? |
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 How much is minimum wage? |
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Me and some friends helped a family friend do some work on his house. We helped to drywall and put down carpet in his basement.
He paid us with ...Cash...money.
Can I submit this as income?... |
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 Of tax refund and spouse's child support and "injured spouse"? |
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Skipper | What is Federal Witholding? |
Anyone want to explain it?
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Okay, so my older sister is a doctor and her federal witholding is $35,712.09 . How much of that does she actual get back? She is single, no kids, but loads of college debt. |
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The Central Scrutinizer
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Federal income tax taken out of your paycheck. Involuntary contribution to the Government. |
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bostonianinmo
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Money withheld from your paycheck by your employer and sent to the IRS to be applied against your Federal income tax liability. You "settle up" with the IRS when you file your tax return. If you've overpaid, you get a refund. If you've underpaid, you pay the balance due.
Arguably you could call Social Security and Medicare taxes "Federal" withholding since the SSA is an agency of the Federal government. Those taxes are levied at a fixed rate however, so they are not included on your tax return unless you have more than one employer for the year and earn more than the SS cap between the two. When that happens, the excess is refunded to you when you file.
Edit: Without knowing her entire tax and financial situation it's not possible to say how much of a refund she'd get or if she'd owe when she files. It could go either way. |
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Judy1
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Federal withholding is the amount that's deducted from your paycheck for federal tax.
I'm not sure you understand just what a refund is. Through the year you might have money withheld from your paycheck for federal income tax. At the end of the year, you prepare a form called a tax return to calculate how much tax you owe total for the year, and compare that to what was withheld. If you had more withheld than your total tax, you get the extra back as a refund. If you didn't have enough withheld, you have to pay the rest rather than getting a refund.
A refund isn't some sort of bonus the government gives you for working. It's like if you went to WalMart and bought $16 worth of items, but gave the cashier a $20 bill. You'd get a "refund" of $4, but it's not them giving you something, it's just getting your own money back.
So without a lot more info, there's no way to tell what, if anything, your sister would get back, or if she'd owe still more. |
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Cynthia LY
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Simply put:
Federal withholding is a federal income tax that is withheld by your employer from your taxable gross earnings. Your employer then pays that amount to the Internal Revenue Service.
What influences the dollar amount of income tax withheld:
1. Your gross earnings for a specific earning period or pay period
2. The number of exemptions you claimed on the W-4 form that you filled out and gave to your employer.
you can read more about here:
http://www.irs.gov/ |
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chatsplas
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Federal Withholding is money taken from your paycheck and sent to the feds, through the IRS. It is sort of an estimate of your tax liability, which is determined when you file a tax return. In addition there is state withholding and Social Security and Medicare withholding from paychecks.
Your posting doesn't have enough info.
There are deductions for home ownership, payment of college tutition, payment of student loans, nonreimbursed employee expense, child and dependent care, contributions to retirement plans (IRS, 401k), etc. |
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christina
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what the goverment withholds from your check Taxes you can get this back at the end of tax year |
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leonard s
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it is the amount of federal taxes estimated by the government based on income of what you will owe at the end of the year. it is normally over estimated hence most people get refunds |
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Scooby Doo
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federal taxes that are withheld from your paycheck. |
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pafons
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It's what the company you work for taxes out of your check each pay period for federal taxes. The less you claim (such as no dependents) the more they'll take out but the bigger refund you'll get. The more dependents you claim, the less they'll take out BUT you might owe the feds at the end of the year. I would take the most out. It's like money in the bank (only without interest). Remember the double standard: If the gov't owes you money, they don't pay you interest but if it's the other way around and you owe them money, you pay them interest AND penalty! |
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