8.75%
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
Taxable income is the amount on your 1040 federal income tax return page 2 Line 43 and is used to determine the correct amount of your federal income tax liability for the tax year 2010 after your income tax has been completed correctly to line 44 $$$$????
When something is withheld, that means that it is removed from something else. For tax purposes, it generally refers to the taxes that are removed from a person's paycheck. For example, an employee has the following taxes removed from each paycheck: federal income taxes, state income taxes (if applicable), Social Security taxes, and Medicare taxes. The federal and state income taxes are prepayments of the tax you're expected to owe, so you will claim these payments when file your tax return. The Social Security and Medicare taxes (usually referred to as FICA) are taxes that get paid towards benefits you may be eligible for in the future. You pay half of these required taxes and the employer pays the other half (Self-employed people pay the entire amount themselves).
If worker's compensation is your only income for you and your family then no you don't have to file taxes. Worker's Compensation is not taxable on Federal Income Taxes.
Deductee is the person, from whom the tax is being deducted.
The fewer allowances an employee declares, the more money the federal government will withhold from a paycheck.
If you earn income or make money, you are required to pay federal taxes. It does not matter how many paychecks you receive.
so that the government can pay bills as they come due
Taxation is based on the Tax Code, the laws that have been passed. In general, it is a percentage of income, with the higher incomes paying a higher percentage, up to 50%. Certain things and costs can be deducted from income and certain items are a credit against taxes.
sixteenth
No, it is not considered earned income, nor can it be deducted as a business expense.
Unemployment benefits are subject to federal income tax in every state. However, in 2009, the first $2400 per person is exempt from federal income tax.
No such thing...young or old...the tax is based on income and your age is irrelevant.
The Federal income tax is a progressive tax because the more a person makes in revenue, the more tax they will have to pay. The tax level or percentage is higher for those with a higher income, too.
No. For purposes of federal income tax, you must file as single if you are not legally married to a person of the opposite sex. The value of the DP coverage is imputed as income because the covered person is not your legal spouse under federal law.
Taxable income is the amount on your 1040 federal income tax return page 2 Line 43 and is used to determine the correct amount of your federal income tax liability for the tax year 2010 after your income tax has been completed correctly to line 44 $$$$????
When something is withheld, that means that it is removed from something else. For tax purposes, it generally refers to the taxes that are removed from a person's paycheck. For example, an employee has the following taxes removed from each paycheck: federal income taxes, state income taxes (if applicable), Social Security taxes, and Medicare taxes. The federal and state income taxes are prepayments of the tax you're expected to owe, so you will claim these payments when file your tax return. The Social Security and Medicare taxes (usually referred to as FICA) are taxes that get paid towards benefits you may be eligible for in the future. You pay half of these required taxes and the employer pays the other half (Self-employed people pay the entire amount themselves).