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Im 19, single, no dependents, live on my own, earn about 840 in 2 weeks, but thanks to this tax i win much less than that! how can i reduce this tax, or get rid of it? or can someone just help me understand it better?

2007-12-03 16:54:44 · 0 answers · asked by jay 1 in Business & Finance Taxes United States

0 answers

Hey, you can't get rid of that staff eating up your check at all. If you don't pay your tax, the IRS will chase after you and eat you! Everyone in the US has to pay the tax, when he/she reaches at certain level of income. Even if the taxpayer earned no money, but only has certain level of interest income from investment, he/she must pay tax. Not only you withhold for the federal tax, your income is subject to state tax, social security and medicare. Your employer pays half of the cost for social security and medicare and you pay the half, those are all for your future. Tax is law! I hope this helps.

2007-12-03 17:47:25 · answer #1 · answered by Q 3 · 1 0

Fed Wt

2016-12-18 10:11:06 · answer #2 · answered by Anonymous · 0 0

1. Some taxes are deducted at fixed percentage:
Social Security tax 6.2% of the first $97,500 in wages for 2007
Medicare tax is 1.45% of all wages.
Then may be state disability/insurance tax.

2. Then you have federal income tax and state (depends upon your state) income tax. Employer will withhold these taxes based on what you have put on the W4. So your withholdings can be more than required or less than required. In January 2008, your employer will send you a statement of your income and taxes withheld (form W2).

3. 3. 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.

4. 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, then you must pay it.

2007-12-03 17:55:08 · answer #3 · answered by MukatA 6 · 1 0

It's federal withholding, for your income tax. If you are claiming less than you are allowed, you could reduce it a little by correcting your W-4. If you claimed single/zero allowances you could change it to claim one allowance.

You federal income tax for the year will be around $1576, which would mean that to break even when you file your tax return, you'd need to have around $61 per 2-week pay deducted. If they take out too much, you'll get it refunded when you file your tax return.

2007-12-04 01:21:14 · answer #4 · answered by Judy 7 · 0 0

Federal withholding. There is no way to get rid of this tax... when it comes time for your tax return, you will be thankful for Federal with holding. The only other thing you can do is claim yourself (1) instead of 0. You will make more money on your paycheck, but you may end up owing money to the IRS.

2007-12-03 17:03:48 · answer #5 · answered by WTF 4 · 0 0

I would suggest placing him in the bathroom or your room with the lights on a few times a day (if you're home to do it) to try and encourage the kitten to eat the kitten food. Though if you cannot and he prefers the adult food (which most kittens do because it's more flavorful), then I wouldn't worry about it. A little less fat, protein, calories, and everything else a kitten needs compared to an adult won't hurt him. I mean if you have the time to place the cat in another room to eat then do it, otherwise I wouldn't stress over it. Your cat is definitely not the first to choose adult food over kitten food. It sounds like you've done your research and if you're still worried, I'd call the vet on Monday and leave a note for him to call back. Let the vet know what is in both foods and if he doesn't agree then maybe he can suggest an adult food that you can feed your two older cats and would still be healthy for the kitten. I mean you cannot make the cat eat, you know. I'm sure he'll be fine though!

2016-03-20 13:22:46 · answer #6 · answered by Anonymous · 0 0

Welcome to the real world. You can't escape income tax - you can only adjust (within limits) how much is withheld from your paycheck through the year. But when tax time comes you'll have to to pay any shortage.

2007-12-04 02:16:28 · answer #7 · answered by Anonymous · 0 0

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