2007-09-23 02:11:45 · 5 answers · asked by just me 1 in Business & Finance ➔ Taxes ➔ United States
From your paycheck Social Security tax is withheld at 6.2% of the first $97,500 in wages for 2007 and the Medicare tax at 1.45% of all wages.
The federal tax withholding depends upon your status (Single or Married) and the number of allowances you claimed on W4. If you put more allowances on your W4, your employer will withhold less federal and state taxes from your pay check, but your social security and medicare deductions don't change.
Now if you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If you paid less federal taxes than your federal tax liability as per your return, then you must pay additional taxes plus (may be) interest and penalty.
2007-09-23 23:29:06 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
Medicare is part of your Social Security taxes. The combined rate is 7.65% of your paycheck. I forget the breakdown. Also, one part of your Social Security taxes are capped if you earn more than $94000 (not sure of exact number).
Federal Withholding is based upon your W-4 filings. There is no set percentage. To get an idea of how Federal Taxes are withheld, review Publication 15 from the IRS website. I think that you need to begin on Page 35 for the withholding calculations.
2007-09-23 02:26:24 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
Social Security is levied on the first $97,500 in income from wages (for 2007) at 6.2%.
Medicare is levied at 1.45% of all income from wages.
Social Security and Medicare taxes are levied by the Social Security Administration. The IRS only acts as collecting agent for the taxes.
2007-09-23 05:29:14 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Social Security is 6.2% ($ x .062)
Medicare is 1.45% ($ x .0145)
Federal Withholding varies depending on how many deductions you claim and some people have extra taken out. But in general there are tables:
http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=2007+publication+15&search.x=22&search.y=2
2007-09-23 02:40:25 · answer #4 · answered by gogo7 4 · 0⤊ 0⤋
The tax device is meant to be pay as you bypass, so taxes are simply by IRS once you earn the money, no longer on April 15. April 15 is in basic terms the submitting cut-off date, in case you waited till then to pay your taxes you may ought to pay outcomes. in the experience that your withholding is greater advantageous than your tax due, you are able to constantly shrink your witholding
2016-10-09 16:53:40 · answer #5 · answered by ocain 4 · 0⤊ 0⤋