I was trying to do an online tax return estimator, and all I have is my last pay stub. When it asks for Federal Income Tax Withheld, do I count my SS and MED deductions also?
2007-01-04 13:42:55 · 6 answers · asked by bu77erfly0183 2 in Business & Finance ➔ Taxes ➔ United States
Social Security and Medicare taxes, while collected from your pay, are not really part of the Income Tax itself. Although the IRS does collect these taxes from the employers and from self-employeds, it does so because it is the only arm of the government designed for widespread funds collection and it does so for the Social Security Administration.
Therefore, when you are trying to estimate your tax liabilty when you have all or a majority of your income from wages, the FWH (Federal Withholding) is the only number that counts toward paying your tax liability.
Also, if you are using a paystub, you should use either Total Taxable Wages (if you have such a number), or Total Wages MINUS any amount you put into a 401k or 403b as a rough estimate for your taxable amount.
If you are a single wage earner without children, your refund or amount owing the IRS should be +/- $300.
2007-01-04 13:57:31 · answer #1 · answered by WealthBuilder 4 · 0⤊ 0⤋
george2 is right. Just Federal Income Tax Witheld.
Your employer should be providing you with your W-2 form really soon. It lists your total pay and deductions for last year.
2007-01-04 21:51:42 · answer #2 · answered by Target Acquired 5 · 0⤊ 0⤋
No , just enter the amount of FEDERAL income tax withheld.
2007-01-04 23:32:21 · answer #3 · answered by mrtaxtips 2 · 0⤊ 0⤋
no, just the federal tax withheld
2007-01-04 23:06:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No, you don't. Just you the Federal (might be FIC) amount. SS and medicare are for when you retire (if there is any social security system when you retire.)
2007-01-04 21:51:46 · answer #5 · answered by chelle8079 2 · 0⤊ 0⤋
no. just your total fed tax they withheld
2007-01-04 21:45:47 · answer #6 · answered by george 2 6 · 1⤊ 0⤋