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| *Loan,banking and credit>>>income tax |
Is income tax...? |
Is income tax the amount the government takes from your paycheck ? There are three calculations that are usually withheld from all employees, the federal income tax withholding, the FICA(some times referred to Social Security which is .062 of the total payment) and then there is medicare tax(which is 0.0145 of the total payment. Then in some states, there is a state income tax, and other taxes. Beware just because there is income tax withheld does not mean you have paid your full income tax liability. Yes, any money that you make doing anything that goes through the government has an "income tax" that must be paid. some of it is and some of it is fica Sort of .... Income tax is the amount you actually pay .... what's taken from your check is witholding tax and ssc .... contrairy to popular media hype over 50% of Americans pay nothing in income tax because of adjustments and exemptions. If your in the 0 payment bracket it's in your interest to make the exemptions on your work form higher so you can use your money when you earn it instead of at the end of the year. You can claim any number of exemption you want as long as you pay if you miscalculate and end up oweing. Income tax, social security and medicare is taken from your paycheck. The income tax you actually end up owing might be more or less than what is deducted. The deductions depend on what you put on your W-4 form. If you have too much deducted, you get the extra back as a refund when you file your return. If you don't have enough taken out, you have to pay the rest when you file. Yes. But remember, what is also taken from your paycheck is state withholding, social security tax, and medicare tax as well. |
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