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Taxation. Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. [1] By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll ...
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. The W-4 form tells the employer the correct amount of federal tax to withhold ...
For example, in 2017 an employee works two jobs (either concurrently or consecutively) paying $70,000 each. Since each employer calculates the social security taxes independently, each employer will withhold 6.2% of the $70,000 employee’s salary, or $4,340, for a grand total of $8,680 -- which exceeds the cap of $7,886.40 by $739.60.
This status puts them in the highest tax bracket, which is taxed at a rate of 37%. However, this tax rate only applies to any income over $622,050, and that amount gets added to $167,307.50 ...
In the US, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax, [ 3 ] Social Security and Medicare taxes, [ 4 ] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount ...
Your adjusted gross income is simply your total gross income minus certain adjustments. You can find these adjustments on Schedule 1 of Form 1040, under “Part II — Adjustments to Income ...
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