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Tax and Tax Information * Federal Withholding Tax Table
Using The Federal Withholding Tax Table Carl LaFresnaye
The federal withholding tax table is used to determine the amount of taxes that an individual must pay according to his or her living status, amount of money he or she makes, and his or her age.
These charts help employers to determine what needs to be taken out of the person's paycheck each month or bi-weekly depending on what the person claims on their W-2. This helps to ensure that the individual will have paid enough taxes to the federal government by the end of the year so that he will not have to pay more taxes after he has his taxes done, which can cause a lot of undue stress at that time of year. A much better scenario is that the individual has paid more taxes than he owes to the government and is therefore owed a tax refund at the end of the year, meaning he helped the government out by lending that tax money to them for the year, but now it is time for the government to pay up.
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Tax Table
If a person is single and the payroll is done on a bi-weekly basis, the percent of the tax on the federal withholding tax table is done according to the amount of money the person made during that pay period. For instance, if a person made up to $102, then there is not any tax withheld from that person's paycheck since they made so little. When they make from $1,306 to $3,066 per bi-weekly pay period, then the tax is figured based on $165.90 plus twenty-eight percent of $1,306, even if the person made at the top end of the pay bracket. If a person makes over $13,833 per pay period, then they owe $3992.11 plus thirty-five percent of $13,833 per pay period, even if they make significantly more than that amount.
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The same process is used on the federal withholding tax table for individuals who are married and filing jointly. If the income on a bi-weekly pay period is up to $308, then there is not any tax withheld from the paycheck. If the check is from $906 to $2,775 for that pay period, then the tax on the amount is $59.80 plus fifteen percent of $906, even if the individual made more than that amount. If the amount is $14,042 or more per pay period on a bi-weekly pay scale, the taxable income is $3,721.80 plus thirty-five percent of $14,042 even if the person makes significantly more than that per pay period. These federal withholding tax tables are for the employers to use, but are also helpful for the employees in deciding what to claim on their W-2 form, since they may want to change their status and lower their withholding, or raise their withholding, whatever the situation might call for.
What Other Authors say about Taxes
Tips For Preparing Your Taxes from the Internet
by Cal Golden
When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your...
Checking The Status Of Your Federal Tax Refund
by Carl LaFresnaye
You've completed your taxes and were delighted to discover you will get a tax refund! Regardless of whether it is large or small, you want it – and you want it now! You can start planning how you will...
Does IRS have a Refund or Stimulus Check for you
by
The Internal Revenue Service is trying to find 279,000 recipients for more than $163 million in undelivered economic stimulus payments, according to the government. The average undelivered check is worth...
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by Jim Thio
Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....
Tax Invoice
by Max Plata
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...
Income Tax Preparation: Do It Yourself ?
by Gary Talbot
There is one hassle that we all have to deal with each and every year and that is doing our income tax preparation. There are really only two choices we have in this matter. You can either do it yourself,...
Some Useful Information; Tips And Tricks About Taxes.
by frank vanderlugt
The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this,...
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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Index of Articles about Taxes
What Other Authors say about Taxes
Tips For Preparing Your Taxes from the Internet
by Cal Golden
When it comes to preparing our taxes, many of us could use some help. The following websites offer guidance and information that may assist you in learning about how to get the most out of filing your...
Checking The Status Of Your Federal Tax Refund
by Carl LaFresnaye
You've completed your taxes and were delighted to discover you will get a tax refund! Regardless of whether it is large or small, you want it – and you want it now! You can start planning how you will...
Does IRS have a Refund or Stimulus Check for you
by
The Internal Revenue Service is trying to find 279,000 recipients for more than $163 million in undelivered economic stimulus payments, according to the government. The average undelivered check is worth...
How Wealth Tax Is Better Than Income Tax
by Jim Thio
Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less....
Tax Invoice
by Max Plata
A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You...
Income Tax Preparation: Do It Yourself ?
by Gary Talbot
There is one hassle that we all have to deal with each and every year and that is doing our income tax preparation. There are really only two choices we have in this matter. You can either do it yourself,...
Some Useful Information; Tips And Tricks About Taxes.
by frank vanderlugt
The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this,...
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