where can i find out how much taxes the employer is taking out on a person..i think my employer is ovrtakin?

Answer 1

If you are talking about federal and state income tax withholding, you'll get the overtaking back as a refund once you file your income tax returns. To have less taken out you would just need to increase the number of exemptions claimed on your W-4, but don't have so much less taken out that you end up owing at the end of the year. If you are talking about social security and medicare taxes, it will be a % of your social security/medicare wages. The social security % is 6.2% and the medicare % is 1.45%.

Answer 2

You should receive a pay stub showing how much is being taken out of your check. However, that won't show you what those numbers are based on. You can use Publication 15-Employer's Tax Guide (www.irs.gov) to try to find out, or you just ask your payroll department. Usually if an employer is withholding incorrectly, it is because the information you entered on your W-4 when you started working for them is incorrect or needs to be adjusted. If you didn't fill one out or simply didn't return it before your first paycheck, they have to withhold taxes as though you were single and claiming one exemption.

Also, "dependents" are different from "exemptions" and the W-4 can be misleading. Most single people will file single and 0 if they want to have more withheld, but a bigger refund, or single and 1 if they want less withheld each period, and a smaller refund. Also, this link:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

will take you to the IRS's withholding calculator to see if you're on track, but I'm not sure you can use it based on your limited information. Just remember, if more than necessary has been being taken out, you will get it back at the end of the year in the form of a refund. The employer gets no benefit from withholding more than necessary from your paycheck as all of it is remitted to the IRS in the form of a Payroll Tax Deposit. Also, often what we think of as being a lot of withholding, is actually correct. :-)

Hope this helps!!

Answer 3

Sometimes it is on your pay stub, but if not go to your personnel or human resource department and ask. If you owed last year and there were no huge change to cause it then you seriously need to change your withholding. Ask for a W-4 and change it. If you are single, claim 0. That actually takes out the most tax. If you noticed if you claim any thing else you may end up owing several thousands of dollars. And if zero does not seem enough there is a space that you can request additional money to be taken out each pay. If you need to do that try $5, $10, or some small amount. believe it or not that small additional amount can change you from paying taxes to getting a refund. If you are not single and have children claim at least the amount of members in your household. That takes account of all the other credits and deductions you may receive.

P.S. there are many companies who either have your withholding wrong or select a withholding for you because they don't show you or tell you how to fill them out properly. I have seen people who have a withholding of 9 and have only two people in the household or a single person with a three withholding.

Answer 4

From my experience with a few workplaces, whenever you get a paycheck you get some sort of stub that contains the information about how much is taken out in taxes. Companies form the % taken depending on how YOU filled out your W-4 (right form name??) when you were hired. I believe this form is required for you to get a job. Even if your employer is taking to much out of each individual paycheck for taxes, it will be reflected on these statements and on the forms you send to the IRS, thus at the end of the year you will receive a bigger return (or have to pay less) if the employer took to much out.

Answer 5

The w-4 is quite complicated. I you follow the directions, you end up claiming 1 and sometimes people prefer to claim 0. Claiming zero takes out less taxes, but if you don't have children and such you may end up owing at the end of the year. If you claim one, you have the chance of maybe getting a little extra cash at the end of the year. As a family of four, we claim two so that its not too little and not too much:>). You can research on www.irs.gov as far as taxes. There are publications and such on employment taxes.

Answer 6

If employer takes more taxes you will get the money back by the end of the year. Or you can ask them to increase dependence for you,

Answer 7

IRS Publication 15, Circular E will tell you the formulas they should be using to withhold federal income tax. You can download this at irs.gov

7.65% will also be deducted for social security and medicare.

Depending on where you live and work, there might also be deductions for state and/or local taxes.