Why are there no federal income taxes withheld on my paycheck?
This sort of rang some alarm bells. You don’t say how much you are being paid, so one can’t conclude whether or not you should have had federal taxes withheld.The amount of taxes withheld depends upon a couple of things. At bare minimum, you should have social security ( 6.2%) and medicare (1.45%) withheld. If those amounts are not withheld, then your employer may be treating you as an independent contractor, which is most probably wrong. ( employers sometimes do this so they can save employment taxes, workers comp, and unemployment taxes. It’s illegal and improper, but you see it ever so often)If you ask your employer why there is no social security and medicare tax (often called FICA) withheld, they may give you a wide variety of answers. AS I mentioned, most of this is a con job so they can save taxes. You should get a form SS-8 (at IRS.gov) and fill it in to see whether you really are an independent contractor or not. Google “independent contractor vs employee” for some useful reading on the topic.Let’s assume the FICA is withheld, but no income taxes. The amount withheld depends upon how much you make, and how you filled in your W-4 form. So, if you were paid $10 an hour, and you filled in your W-4 claiming married with 14 exemptions, likely there would be no income tax withheld. (Hint: the higher the exemptions, the lower the withholding…) You should always claim only what you are entitled to. If single with no dependents, claim Single 1. If married and your spouse is working too, claim married, either 1 or zero. Claiming the right number of exemptions is tricky given so many different situations, and is beyond the scope of this answer.If you don’t remember what you did on your W-4, ask to see it. They have to show you. Also, look on your paycheck stub. If you didn’t receive one, your employer is violating the law: you are entitled to a paycheck stub showing how they calculated the gross wages earned to the net on the paycheck. You should study these and keep them, and reconcile them to your W-2 at the end of the year. I say this because unscrupulous employers have been known to fudge the numbers to get them a bigger expense deduction at your expense!
Why do they always deduct Medicare tax from my paychecks yet I don't have any form of health assistance?
I had to spend my savings a few months ago on medical bills ...let me add to the rant that I am not diagnosed and still in pain because the regardless of all the tests and everythihg they put me through, my doctor didn't know what was wrong, so I feel like I was ripped off. All the chick did was lie on her back against the wall, like way chill and with my cash in her pocket say: "I don't know what's wrong. If it gets worse just call 911". Now I live in pain and discomfort while my poor bank account suffers from nostalgia missing the 4-figure greens that it once gave shelter to. So anyway.... I've been working since I was 16 and I'm 22 now. In 6 years I've never received a penny in medical assistance. Anyone mind explaining why they still take that money anyways? OBAMA!!! Help this sister out. Tell them to give me back my Medicare money or whatever they take from my taxes. I'm sure I could buy some cute outfits with the medicaid money I've had withheld through the years and make sure I look drop d.e.a.d. gorgeous whenever "If it gets worse" happens.
My boss forgot to take out state income tax from my paychecks.?
The office administrator where I work, who had been in charge of payroll for the last year, came to me and told me she forgot to take out CT state income taxes from my paychecks this year. They just switched to a paycheck company and that's who realized the error. I know I completed the proper paperwork, in fact, they are taking out the maximum (single, 0) for Federal taxes. We are talking roughly $1300.00, for Jan. 2010 - Nov. 2010. Basically her attitude was like, we're telling you this now so you can fix it. I don't have that kind of money laying around for a lump payment. Do I have any legal recourse for this screw up? What can I do?
I'm a waitress and my pay checks always come out to 0.00, is that normal?
I am a waitress in Idaho and here we make I think 2.19 an hour. But ever single pay check I get comes to 0.00. My boss says that if I make good tips all of my money is taken out in taxes. His English is broken so he couldn't explain in detail. Is it normal? I've been working maybe 4 months and every pay check has been 0.00 so I just want to understand.
A W2 worker or a 1099 contractor? Am I being screwed?
I am in a very confusing situation. I have been working for a guy who seems to be a contractor. I am working WITH a commercial moving company. I wear the company uniform but I'm not directly on payroll as an employee. I'm assuming the guy who hired me has a contract with said company. I have work for this guy for 2 weeks now making a measley $10/ hr at 40 hours a week. I have gotten paid by personal check from a business account. I admit, I havent attempted to ask him probing questions for fear of losing this job. I do know that I will get a 1099 but I haven't signed anything. He has a copy of my SS card and state ID. How bad am i going to be screwed at the end of the year? I have been a W2 employee ever since I started working and always got a refund every year. When I report my earnings next year which will be a little over 12k how much will o owe? Also what would be the consequences if don't do Self employment tax and do only income tax? If I get a real job next month. Can I just forget these wages from 4 weeks?
Claiming exempt on taxes?
Make sure that you do fill out a new W-4 form correctly and sign it and give it to your employer for the upcoming 2013 tax year 1040 income tax return that you would fill out and file during the 2014 tax filing season for that purpose. W-2 form that you will receive from your employer during the 2013 tax filing season for this purpose Box 1 GROSS wages and TAXABLE earnings for the 2012 tax year and the Box 2 FIT amounts withheld to be used as a TAX CREDIT on your 1040 income tax return to be applied to any possible FIT liability that you might have at that point in time during the 2013 tax filing season. And IF that amount is MORE than your FIT amount is then you might be able to qualify for a REFUND of some are all of the FIT amount at that time in your life. You never should have claimed exempt when you did fill out the W-4 Employee's Withholding Allowance Certificate http://www.irs.gov/pub/irs-pdf/fw4.pdf?p... Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances and then sign the completed W-4 form and give it to you employer at that time for the purpose of your federal income tax withholding amounts if any would be required to be withheld depending on the amount of your GROSS income for each pay period at that time. And then if they should withhold any amount of $$ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the 2013 income tax filing season and you receive your W-2 form from your employer around the middle of January 2013 and if you have a $$ amount in the Box 2 for FIT you will get a credit for that $$ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing during the 2013 tax filing season. Hope that you find the above enclosed information useful. 12/19/2012
My Employer screwed up my 401K loan repayment and I now owe taxes and a 10% early withdrawal fine. What can I do about this now?
I would ask the employer to convert (the correct portion) of 2016 contributions to loan repayments and reverse this “deemed” distribution. Do it in writing. This is an administrative error on the part of your employer who is most likely (for purposes of ERISA) the “Administrator” of the plan. They need to come up with a solution that does not cost you money.
Are you, middle class Trump supporter, noticing your tax cut? How much more is in your paycheck?
First of all, people should not look at what the difference taken out in their paycheck may be. What they need to look at is the TAX TABLE from the previous year to the current year at the same earnings amount. THAT is the real difference in what your tax cut is…not what your HR person is taking out from their paycheck.When I filed my taxes in April 2018, I saved a whopping $200 off my taxes from the previous years tax table. I am beside myself in joy in how to spend this windfall. If you divide this by 52 weeks in the year, that comes to $3.86 per week which is not even enough to pay for 1/2 a lunch.Seriously, it is disgusting how Trump has duped working and middle class people into thinking they are going to get big tax breaks when in reality it is the millionaires and billionaires that are benefiting by the tax breaks to the tune of millions of dollars. If anyone believes this tax break to the people that least need it will trickle down to the working and middle class, they are delusional.The GOP are, and have been for decades, on the side of corporate America. Democrats are the People’s party.UPDATE FEB 6 2019:Last year, a few salary groups under a $200K dollars saw a modest reduction in taxes but the word is out that for the 2018 taxes, average people are no longer getting to deduct the interest paid on their homes, business expenses, etc. and have to pay THOUSANDS OF $$$$ MORE this year. I have not done my taxes yet, but I am pretty nervous of how TRump has screwed over the average citizen.TRump’s tax breaks will benefit the top 1% of the wealthiest Americans. He bragged last year to his billionaire buddies that they can thank him for all the millions he is putting in their pockets. The tax cuts to these Billionaires comes at a cost. TRump has tripled the National Deficit in just 2 years.Meanwhile Mitch McConnell was trying to pass legislation to make big cuts to Medicare and Social Security…. effectively stealing from the poor, elderly, and disabled… to pay for the tax cuts to the elite. Democrats got wise to that plan, re-took the House in January, and will squash any further attempts By McConnell and TRump to steal from the poor to give to the rich.
401(k): Is it possible to direct deposit money into your 401k instead of through holding off paycheck?
If you did not contribute to your company's 401k this year, you can be eligible to deposit funds into an IRA account and deduct it off your taxes.. This can happen up until April 15, 2014, giving you some time to establish an account if you don't have one and deposit the contribution. If you are an active participant for the Company's 401k plan in 2013, then your ability to deduct the contribution off your taxes may be limited.Reference: Can You Deduct Your IRA Contributions?