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Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already been withheld. Post-tax deductions do not reduce your tax liability.
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In the U.S., you're required to pay taxes as you earn income throughout the year. The self-employed have to make estimated quarterly payments directly to the IRS. W-2 wage earners, on the other ...
Form W-4, 2012. Form W-4 (officially, the "Employee's Withholding Allowance Certificate") [1] is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.
For example, if your salary is $50,000, but you pay $3,000 for health insurance through an employer, that $3,000 doesn’t count as taxable income and isn’t subject to payroll taxes. Retirement ...
Two percent of her adjusted gross income is $2,000. To be able to deduct miscellaneous itemized deductions in calculating taxable income, her miscellaneous itemized deductions must exceed $2,000. If she has miscellaneous itemized deductions of $5,000, she may deduct $3,000 ($5,000–$2,000=$3,000).
Withheld income taxes are treated by employees as a payment on account of tax due for the year, [7] which is determined on the annual income tax return filed after the end of the year (federal Form 1040 series, and appropriate state forms). Withholdings in excess of tax so determined are refunded.
If you cannot claim exemption from withholding, you can still reduce the amount withheld from every paycheck by entering the dollar amount of your deductions and claiming your dependents and ...