HELP! Federal Tax?

Question

I don't know how to explain this too well, so bare with me...
Yanno, on your check stubs from your work how it subtracts your total pay because of state tax, and federal tax?!
I am really desperate to know where I can find out how much federal tax I pay from my weekly income.
Either please give me a website where I can find out how much of my pay goes to federal taxes, or give me cents per dollar taxes...

I live in Missouri, and our state tax is 7 cents to the dollar, I believe. :| (If I'm wrong, please correct me!)
I just wanted to know how many cents to the dollar I pay for federal taxes.

GREATLY appriciated!

Answer 1

Your employer is required to show you on your stub how much was withheld for federal taxes, states taxes, social security taxes, and medicare taxes. The amount deducted from your pay is not the amount you actually pay. That is determined by your 1040 tax form filed next year. Any overpayment will be refunded. You will owe any underpayment.

If you want more information you can email me.

Answer 2

Unfortunately, we've got a complicated tax system in this country, so it's not easy to figure. The amounts withheld from your pay are paid by your employer to the Internal Revenue Service (Federal) and Missouri Department of Revenue (state) on your behalf. However, the amount you'll end up owing will be more or less than those amounts (usually less and you'll get a refund) depending on how much you make during the entire year, your marital status, dependents, deductions, etc. To make it more complicated, the federal tax rates are progressively higher as your income increases. Missouri's rate is 6%, not 7% for most people, after deductions and exemptions, by the way. If you have a modest income and are single, you'll probably pay about 15% of your income in federal taxes; maybe less. If you have a low income, live in the St. Louis area, and will need assistance with getting your income tax returns prepared for free, contact the St. Louis Tax Assistance Program at www.stlouistap.org Otherwise, you can get an idea at Yahoo finance, or buy the computer software after January 1st and prepare them yourself. Good luck!

Answer 3

The federal tax isn't a flat rate of cents on the dollar, the amount per dollar changes depending on your total income and several other things.

If you take the federal tax amount on your paystub and divide that by your gross income (before taxes are taken out) on that same paystub, you'll get your answer at least for that paycheck - if your paychecks vary, then could be a little different each time. And remember that what's taken out is not exactly what you'll owe - if you get a refund at the end of the year that would have to be subtracted out.

The list I have for state taxes shows Missouri also has a variable rate depending on income, and it's lower than 7% or 7 cents on each dollar. Unless something changed a lot very recently, I'm guessing your info is off on that.

Answer 4

Every payroll system I've ever seen shows you how much taxes are withhled when it creates your paycheck. However, federal taxes are based on a graduated scale. The more you make, the more you pay but there is no flat percentage. A very good website is paycheckcity.com. Plug in your pay and federal exemptions and it will show you how much tax a payroll system shoud take for you. Don't forget to deduct anything that is exempt from federal income tax first like medical (usually) and 401k.

Answer 5

Employer will withhold
1. Social Security tax 6.2% of the first $97,500 in wages for 2007 and the Medicare tax is 1.45% of all wages. Then there may be state disability/unemployment insurance at a fixed percentage rate (depends upon your state).

2. Then you have federal income tax and state (depends upon your state) income tax withholding. These withholding depend upon what you have put on your W4; you tell your employer howmuch income tax they should withhold.

3. 1. 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.

4. In January 2008 your employer will send you a form W2. It shows your total income and amounts withheld for various accounts (SE tax, federal tax, state tax...).

5. You will need to file your federal and state income tax returns in 2008 by April 15, 2008. The returns will show your total income (from W2) and your total federal and state taxes on that income (these tax figures has nothing to do with what you put of your W4).

6. Now if on W2 you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If on W2 you paid less federal taxes than your federal tax liability as per your return.

Answer 6

Your check stub should show "federal income tax withheld". When you find that amount on your checkstub, find your "gross pay," divide the federal income tax withheld by the your gross pay. That will give you the percentage. For example, if the amount withheld is $20 and your gross pay is $200, the percentage would be 10%.

Answer 7

Just divide the amount it shows as being taken out for federal taxes by your gross income and that is the portion of your pay that goes for federal taxes.

Also, make sure that you have an accountant prepare your tax return as you may be entitled to a refund.

Answer 8

You are confusing sales tax with income taxes, it appears.
Your check stub should list things such as:
FITW (Federal Income Tax Withholding)
SITW (State Income Tax Withholding)
FICA (Social Security Tax)
and possibly some additional. The tax "rate" depends on your tax bracket and what you told the employer to withhold when you filled out your W-4 form.

Answer 9

It should say on your stub how much you pay for fed tax. Divide the tax they took out by the gross amount of your paycheck and there is ur answer in percent