People with more complex tax situations should use the instructions in Publication , Tax Withholding and Estimated Tax. This includes taxpayers who owe alternative minimum tax or certain other taxes, and people with long-term capital gains or qualified dividends.
The Tax Withholding Estimator does not ask you to provide sensitive information such as your name, Social Security number, address or bank account numbers. These questions are based on user feedback received. We recommend you refer to the FAQ Page if you have any questions while going through the estimator. More In File. Why Use the Estimator. There are several reasons to check your withholding: Checking your withholding can help protect against having too little tax withheld and facing an unexpected tax bill or penalty at tax time next year.
At the same time, you may prefer to have less tax withheld up front, so you receive more in your paychecks and get a smaller refund at tax time.
What gives? Federal income taxes are paid in tiers. You pay 6. When you work for a corporation, these taxes are matched by your employer, for a total tax paid of When you're self-employed, you pay both halves yourself. Social Security is a U.
Your goal is to have at least enough FITW during the year to cover your expected federal income tax liability. Your federal income tax withholding from your pay depends on:. To determine the correct federal tax withheld from your pay, you will need to complete your W Your employer withholds from your paycheck based on the information you fill in on your Form W-4, like:. Use our W-4 withholding calculator for extra guidance. If your state has an income tax, you will probably have state income taxes withheld from your paycheck.
Your employer will use information provided on the state version of Form W-4 and your income to determine how much to withhold. If you owe taxes to more than one state for instance, if you work in a different state from your resident state you may want to request that your employer withhold taxes for the other state, withhold additional taxes from your work state, or pay estimated payments to the other state to make up the difference. While you will likely have state tax withholdings on your paycheck, it depends on where you live.
In fact, based on your location, you might:. If your city or local community has an income tax, your employer may withhold local taxes. Rates and rules vary depending on location. Knowing if your employer withholds local taxes can help you plan ahead and avoid surprises when you file your taxes. Local income tax might be withheld on wages you earn inside city, county, and school district boundaries.
If you live or work in an area that levies a tax, your wages will be taxed by that jurisdiction. Usually, you must have Medicare and Social Security withholdings on each paycheck.
This is true even if you have nothing withheld for federal, state, and local income taxes. If you earn at least a specified amount for at least 40 quarters, you can get Social Security benefits when you retire. Each employer withholds 6. Your employer must pay 6. Medicare taxes, unlike Social Security tax, go to pay for expenditures for current Medicare beneficiaries. Your employer withholds 1. Your employer pays an additional 1.
There are no income limits for Medicare tax, so all covered wages are subject to Medicare tax.
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