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When something is withheld, that means that it is removed from something else. For tax purposes, it generally refers to the taxes that are removed from a person's paycheck. For example, an employee has the following taxes removed from each paycheck: federal income taxes, state income taxes (if applicable), Social Security taxes, and Medicare taxes.
The federal and state income taxes are prepayments of the tax you're expected to owe, so you will claim these payments when file your tax return.
The Social Security and Medicare taxes (usually referred to as FICA) are taxes that get paid towards benefits you may be eligible for in the future. You pay half of these required taxes and the employer pays the other half (Self-employed people pay the entire amount themselves).
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How do I get more money back on your check and How do you change your W-4 form?
Type your answer here... How d o I adjust my witholdings to get more back on my weekly pay check.
What payroll taxes are withheld from an employee?
Social Security tax 6.2%, Medicare Tax 1.45%, Federal, State and/or Local state. Federal and State tax witholdings are withheld depend on number of exemptions that you put on your Form W-4.
In order to compute the income taxes you owe the federal government this year your employer is required to give you a that lists your earnings and withholding for the past year.?
Yes! If you are in default of a student loan, your federal income tax will be taken every yeare until the loan is satisfied. At least, that was my experience. W2 FORM Employer gives you a statement called a w-2 form. It's not a list. It gives you the total amount of witholdings and the total amount of earnings for 2007. If you worked this year, you'll get that statement either in Dec. January or Feb. of 2009.
What is a stockholder draw?
I'm not a tax person, but I'll share my experience: stockholder draws are how I pay myself from the profits of my corporation. I have two rolls with my corporation; as CEO, I'm an employee. As MS (Majority-Shareholder), I'm an investor. I can get "paid" with a paycheck every week, and be subject to social security and medicare and income tax witholdings, or I can simply draw on my investment as an investor. So I simply write a check to myself on my corporate account, write "stockholder draw" in the memo line, and deposit it into my personal account. I'm drawing on my share of the profits of the company. As an employee, I've never actually received a single "paycheck." Keep in mind, you'll still need to pay taxes on your income from stockholder draws at the end of the year, which can hit pretty hard.
What is the average cost of individual employee benefits to a company?
I think 60-50% of the total income is a good barometer. Besides the viable "benefits" there are holidays, vacation pay, sick day pay, state unemployment insurance and social security witholdings that the employee never sees, but which the employer must match. In California that costs us an extra 8% alone in addition to the cost of health insurance and other "normal" employee benefits.ANSWERAverage Cost of Employee MoneyUsually almost twice the wages they are paid. This covers wages, workman's comp, unemployment, insurance, etc. Employee Benefit CostBenefits can add up to 30 percent of the total compensation. At December 2007, benefit costs as a percentage of total compensation costs were 30.2 percent (Employee Benefit Research Institute).
Can child support enforcement Garnish wages from 2 different jobs even if the first job is paying the correct amount?
Sounds like a legal question. Seems it depends on the situation. If your first job is paying the correct amount, the second job should not take out support. Its not up to your second job to decide. Depends on if court ordered or administratively done by support enforcement. I would contact the agency if so and have them research this. If it were me, I would terminate the second wage withholding. If the first job is taking out the correct amount ordered and if any arrearage amount too. Sounds like this is two part time jobs, which makes a worker feel that you could not earn enough wages for the first job to deduct full amount. I believe the witholdings are also based on percentage if not enough wages to deduct. I would actually go talk with the clerk of court (whom ever done the wage assignment or go to the child support agency who implemented the withholding)The worker can review your payments and see if the second withholding needs to be terminated. Its your responsibility to go talk with them.
