Does any one know?
If you Still make the same amount of $$ an Hour
BUT-- DID get paid weekly
and NOW everyother week
DO they take MORE taxes? everyother week?
2007-01-08 21:52:50 · 4 answers · asked by chrissysacowgirl 2 in Business & Finance ➔ Taxes ➔ United States
No. It only seems that way. The taxes are based on a formula.
2007-01-08 23:26:30 · answer #1 · answered by Jane 3 · 0⤊ 0⤋
The amount of tax taken out every other week will be more, about twice as much, since there are fewer paydays, but it should add up to the same over the year as long as you didn't change your W-4.
2007-01-09 12:04:13 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
FICA taxes (OASDI-Social Security and HI-MediCare) are fixed percentages (6.2% and 1.45% tax on your gross pay) and state taxes and FIT (federal income tax) are either based on a percentage method or wage bracket method. It will only seem like they're taking more out for taxes, since the gross pay is for two weeks.
2007-01-09 14:37:23 · answer #3 · answered by Shannon L - Gavin's Mommy 6 · 0⤊ 0⤋
no..taxes are based on income level earned and you get a statement on the stub of each check...if you get out the calculator you ll see.
2007-01-09 05:58:13 · answer #4 · answered by koalatcomics 7 · 0⤊ 0⤋