8 months of this past yr was spent working for Walmart, I just got my w2 and they only took out $162 in Federaltaxes out of $8600??but took almost 600 out for social security...thats not right is it? plus the amt on my last ck stub is diff than the amt on my w2...any suggestions ...plus it shows on the same ck stub I have 1900.00 in savings?? has Wal Mart lost it?? or they hiring ppl who can't add or subtract now? sorry but it's my money....I feel raped!
2007-01-07 20:04:43 · 2 answers · asked by snickers 3 in Business & Finance ➔ Taxes ➔ United States
I was married filing at the higher tax rate with no exceptions.....because at the time I thought I was still married...guess I should have clarified that...
2007-01-07 20:18:13 · update #1
exemptions too!
2007-01-07 20:18:45 · update #2
No, Walmart hasn't lost it.
More often than not, what is on your W2 doesn't exactly match your last pay stub. That's usually a good thing.
Most employers elect to have items such has health and dental insurances taken out pretax. That way you keep more of your earnings!!
It completely depends on how much you are earning each payroll to determine how much federal or state withholding they will take out. Simply, if you work for quite a few smaller checks during the year your total federal and/or state withholding will not be that much. Remember, withholding is just used to apply against any taxes on your income tax return.
The 1,900 in savings is interesting. Has Wal-Mart opened some sort of savings account for you or MAYBE, based on the amount of your withholding, you were having something come out pre-tax.
The best thing to do would be call HR and have someone who knows W2s explain it to you.
Mistakes can happen, but they aren't that frequent.
2007-01-08 01:13:03 · answer #1 · answered by Molly 6 · 1⤊ 0⤋
If you earned $8600 then 7.45% of that is paid to Social Security, so about $640 is correct. If you are single with one exemption then you owe almost no tax and the federal withholding looks correct as well. You will probably get a refund.
Ask your payroll department what the "1900 in savings" means. It isn't related to your taxes.
If you think your W-2 is wrong, you need to ask for clarification. The wages shown on your W-2 are not necessarily the same as on your pay stub for a number of reasons your employer needs to go over with you.
2007-01-08 04:14:26 · answer #2 · answered by ninasgramma 7 · 5⤊ 0⤋