this is an accounting question?? how come so different on monthly salary/annual salary on social security tax?
440147
There is no refund of Soc Sec Tax unless you change jobs and exceed the dollar limitations.  Tax withholding should be the same at the end of the year IF all things are equal, such as pensions, health insurance etc.  The Soc. Sec. plus Medicare rate is 7.65% for the employee and 7.65% for the employer.   California has other issues as well.\nIf this doesn't help, be more specific in your question.
928522
A 70 year old recipient of social security retirement benefits may have unlimited earned income without having a reduction in benefit payments. However, wages from work and investment income may make 1/2 of the social security subject to federal income taxes, if the combined amounts exceed designated limits, depending on your marital filing status.\n\naddition 11/28\nIf you have additional earned income and it is not reported to the IRS and the SSA, then you may lose out on credits that could boost your SS benefits.
906369
Supplemental Security Income (SSI) payments are never taxable.  However, OASDI (regardless if it is age related or disability related) is potentially taxable income.  You don't have to do an amended return.  Instead, figure out how much of the benefit would have been taxable income in each of the earlier years, then add it all together for the current year.\n\nFor example, say you got $5,000 for each year 2004, 2005, and 2006.  You go back to your 2004 tax return and find out that 85% of the payment would have been taxable.  For 2005, you find out that 50% would be taxable.  And, for 2006 you find out that 0% is taxable.  So, in 2006, you would enter $15,000 in box 20a "Social Security Benefits" and you would enter $6,750 in box 20b "Taxable amount".\n\nIt is best to see a tax professional to do this because it can be a little confusing figuring out how to calculate the percentage.\n\nHope this answer helped.  :)
332674
Helps to pay taxes. Don't you know that Social Security is a tax. It never was a savings plan for old age. Why do you think it can only continue if there are a constant flow of new members. Once the monthly checks are covered, the rest goes into the general tax fund. How can we give congress the good salary & perks if we have to account for every dollar. Bookkeeping cost would be too high & people might wonder what a congressman does for a iving?
208237
That is normal. Commission is taxed like a bonus. I once had a commission month of 15,000 but received around 7500 after taxes. If you are eligible, put money into a 401K. This money is not taxed and is savings for your retirement.
912226
This is a good question to discuss with a tax accountant.  You are not restricted to anything, but some things may be tax-deductible, others may not be, and yet others would only be tax-deductible uo to a certain limit, which could be either an absolute number or a percentage of employee's earnings...
459417
I'd have to guess that it has to do with the Income Tax deadline of April 15.  Now, I'm going to check that out, because it is a very interesting question!  :)\n\nHere's what I got:\n\nThe 'Lectric Law Library's Legal Lexicon On\n* Fiscal Year *\n\nFISCAL YEAR - This is an accounting year, i.e. when the books for the year are opened and closed. It can coorespond to the calander year or be say, July 1 to June 30, as many governments have it.\n\nThe accounting period for which annual financial statements are regularly prepared, generally a period of 12 months, 52 weeks, or 53 weeks.\n\nFinancial operations of the federal government are carried out in a 12-month fiscal year, beginning on Oct. 1 and ending on Sept. 30. The fiscal year carries the date of the calendar year in which it ends. (From fiscal year 1844 to fiscal year 1976, the fiscal year began July 1 and ended the following June 30.)
899114
The 6.2% social security tax is collected on the first $94,200 of income for a maximum of $5840.40.\n\nThe 1.45% Medicare tax has no maximum.
556409
Sorry bout that, I thought you meant SSI.\n\nYour husband's SSD payments may not be taxable.  As stated above if your combined income*, MFJ, is between $32-44,000. Above $44,000, taxable up to 85%.\nIndividually - $25-34,000.  MFS - you will probably pay taxes on benefits.\n*Combined income-is the sum of your adjusted gross income, plus nontaxable interest (if any), plus one-half of your Social Security benefits.\nIf benefits are taxable and the benefits include a lump sum payment for previous years, you may be able to reduce the taxable amount.\n\nCheck out Publication 915 from IRS.gov, it will definitely  help you.\n\nAs for New Jersey's taxes...Federal Social Security benefits are non taxable.
654178
yes taxes rate are different for bonuses
1083698
Bonuses are taxed at the ordinary income rate, but the amount withheld is at a slightly higher rate.  So, it'll be about the same rate as the rest of your paycheck.\n\nYour employer should include that in the W-2, so it'll raise flags if you don't report it.  You could convince your employer not to do so and pay you under the table, but that brings up a whole different issue.
452723
Probably a lower one because millionaires usually know or learn how to have more write-offs and no doubt pay less taxes than the working class and believe me $100,000 a year is not all that much nowadays. Good luck! :-)
314217
Not knowing your situation, of course, but having had the same thing happen to me, I would guess that the IRS computers recalculated the amounts entered on the tax form which was submitted to them and found a math error somewhere which was in your favor.  \n\nWhen this happens, they usually send a letter which describes where the error was found, but the letter is not always helpful and may not arrive at the same time as the check.\n\nBest regards,\nP M Donovan
593124
Well, it makes sense for some I presume tax reasons or school reasons. In a purely mathematical way you are 16 for the whole year, but remember, you are 16.0, 16.1. 16.2 etc... but when you get to 16.7, 16.8 you are closer to 17. So the regulations go with an -arbitrary- date of 31st august to make sure you don't get double benefits in 2 calendar years.
228635
There are tax law changes every year. If I were you I would look at last years taxes and this years taxes and see what is so different. Last year you might have been at the very end of one tax bracket and this year your income might have pushed you into a different bracket. If you had them done by someone most places will give you a comparison. If they did it will show you where it changed form last year you this year. If you cant find it there then I would start looking for errors. If you find some correct it with a 1040X. Good luck
325718
The self-employment tax is actually Social Security. Half is deductible because if the sole proprieter worked for a large company, the company would be allowed a deduction on half his Social Security.  The rule is an effort to be fair to the little guy.
378147
All tax details should be clearly printed on your pay slip.  But you can work this out yourself quite easily.  Everyone has a "Personal allowance" of £4,895 per year and is tax free.  The next £2,090 per year is taxed at 10%, then the next £30,310 at 22%.  Any annual earnings over £32,400 is taxed at 40%.  You also have National Insurance Contributions to deduct. You are allowed to deduct some items such as pension contributions etc. and other items may be added to your annual earnings such as benefits you may receive.  So your situation may be more complicated, but the above formula is a rough guide.  Most people pay basic rate tax at 22%.  If you find the above complicated, you should ask your payroll department at your work to explain it to you.  They work these things out all the time, and I am sure they would be pleased to help you, or otherwise ring your local tax office:  if you get a helpful person they may be willing to chat it through with you.