How much should be taken out for taxes (and other basic tax questions)?
How much should be taken out for taxes (and other basic tax questions)?
I have no dependents, only myself. I'm at a point now where I'm pretty much forced to claim myself throughout the year (as opposed to 0, then 1 at tax time). So I'm trying to figure out what percent the government is supposed to take out for my taxes. I live in TN, so I don't have a state tax. I'd like to know the percentage for Fed Tax, FICA, and Medicare.
Also, I just switched to a lower-paying job. At my old job (which I still have PT), they took out "Fed Tax," "FICA," and "Medicare" (aside from various insurances). At this new job, they only take out "FICA." What is FICA and why am I not having Fed Tax and Medicare taken out? Can I count on these not being taken out in the future? I really appreciate the help, guys.
Answers:
Chosen Answer
tuneupplus@sbcglobal.net: HEY-
USE THIS TO GET TO THE IRS WEBSITE PUBLICATION 15-A. DOWNLOAD IT- IT HAS ALL THE WITHHOLDING CHARTS YOU NEED AND EXPLAINS WHAT YOU NEED TO KNOW.
-----STEVE
http://www.irs.gov/pub/irs-pdf/p15a.pdf
2006-06-20 05:54:30
spot: I think you should talk to your payroll manager. FICA (social security tax) and Medicare should be about 10%, If you are claiming 0 or 1, you should have some income tax being withheld, too unless you work part time and your wage is not high enough to be taxed. Ask and make sure there is no mistake.
2006-06-20 05:56:43
Wes W: FICA taxes are social security and medicare taxes which are 6.2% and 1.45% respectively (7.65% total). This amount is fixed and will be the same every paycheck. You will also have income tax witheld from your paycheck. This varies depending on how much money you make. Use the following link to determine how much tax you will owe: http://www.irs.gov/formspubs/article/0,,id=150856,00.html
Then divide the amount of tax you will owe by your salary to determine what percent you will owe and this should be close to what is being witheld from your paycheck (plus the FICA tax).
2006-06-20 06:33:45
csabrinam: It should be single-0, only to be on da safe side, and not to pay. If you are 25 in da tax year, you are eligable for EIC. Med is 1.45% and FICA is 6.20% so it a total of 7.65% of those 2 taxes. Which isnt refundable, used for ur SSI, (social security income) Federal is at least 10% of ur income. But really to worry, if u made less then 7,000 u dont have to have anything taken out, if you do, that amount for FEDERAL only will be refunded back to you. Once the calculations are figured out.
2006-06-20 15:15:01