Is it a certain percentage of what you gross?? Does the amount you make per hour have an affect, or is it a certain amount taken from what you gross like $20 a check?? I've been looking at my paystubs and I still can't seem to come up with the answer.
2006-10-10 14:47:01 · 5 answers · asked by naughtygirl0206 2 in Business & Finance ➔ Personal Finance
Well, now you know about the greedy hand of government.
The income tax portion of the with holding is based on a percentage of your gross income. The percentage depends on how much your pay would be for the entire year. If you work overtime that week it could kick you up into a higher tax bracket.
Then you also have social security and medicade which are with held from your check they are a fixed percentage up to a certain dollar value which ratchets up each year.
Depends on the state but you may have State income tax which is also with held from your check.
The total could be as much as 33%. Plus your employer has to make a social security contribution based on your gross income.
So there is a big gap between what you cost your employer and what you wind up with at the end of the week.
Maybe you need to get on board with the Fair Tax see FairTax.org. They want to do away with with holding taxes from our checks.
2006-10-10 14:56:53 · answer #1 · answered by Roadkill 6 · 0⤊ 0⤋
The IRS publishes tables for withholding depending on the earnings and the number of dependents claimed and the status (married, single etc.). Most states do something similar if they have income tax.
If you want to increase withholding reduce your dependents. To reduce withholdings increase dependents. But be careful since under withholding can bring BIG penalties.
2006-10-10 21:53:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
the withholding calculator on IRS.gov can tell you how much should be withheld for your federal taxes
medicare and social security are a fixed percentage of your gross pay
state taxes vary based on your state
2006-10-10 22:25:29 · answer #3 · answered by VATreasures 6 · 0⤊ 0⤋
It is based on a number of things. Tax witholdings is one. Next is your annualized salary
2006-10-10 21:58:41 · answer #4 · answered by phillyboy 2 · 0⤊ 0⤋
visit human resources
but deductions are determined by number of dependents and marital status
2006-10-10 21:50:31 · answer #5 · answered by worldstiti 7 · 0⤊ 0⤋