How Do I Figure The Federal Tax Deducted From My Paycheck?

7 Answers

David Gill Profile
David Gill answered
When looking at your pay check, the amount of federal tax that has been withheld from your gross pay will be shown alongside an abbreviation such as Fed Tax, FWT or FT.
The amount of federal tax you pay is then credited against any other tax you end up owing the government when sending in a tax return. Certainly, the amount of federal tax will depend on your individual circumstances and will be based on whether you are married or single. This is due to the fact that you may be able to withhold a higher single rate if you are married. The amount you pay will also depend on the number of allowances you file with your employer when returning a W-4 form.
When starting a new job, each employee needs to fill out a W-4 form which will then be used to work out how much tax the employee should pay. This is done by the employer using the information contained on the form to select the correct federal tax table found in the IRS Publication 15-T when working out how much federal tax the employee needs to pay.
Allowances are the number of dependents the employee is responsible for and the number he or she is going to claim for when submitting a tax return at the end of the year. If you have no dependents you will pay a higher level of federal tax and a lower level with more dependents.
Pre-tax deductions are taken off a gross income before the federal tax is calculated. There may also be some people who believe they are exempt from paying federal tax. This may include those who have received a full refund of tax paid in the previous year.
Anonymous Profile
Anonymous answered
Check amount before taxes is $2316.47, how much federal taxes should be taken out- I am not sure if I claim 0 or 1...live in Illinois
Anonymous Profile
Anonymous answered
Gross 3287.33
Josh Profile
Josh answered
The best way to determine if the correct amount of money is being withheld from your check for federal tax is to obtain a copy of the IRS Circular E. This publication (available on www.irs.gov) lists the methods by which an employer may choose to calculate your withholding. It can be calculated either using the bracket or percentage methods, with the percentage method generally yielding a slightly lower result. The filing status and exemptions you claim on form W-4 are used as a guideline for this. Your exemptions will reduce the amount of your income considered for tax purposes, where your claim (Married / Single) will determine which table you fall under. If you also want to verify other taxes, consider that the two mandatory employee taxes (social security and medicare) have fixed rates of 6.2% and 1.45% for 2007. Social security tax has a taxable wage base of $97,500, meaning that should you earn more than $97,500 in 2007 you will not be required to pay social security on the remainder of your earnings. This limit resets and generally adjusts upwards at the start of each year. Medicare has no such limitations.
Robyn Rothman Profile
Robyn Rothman answered
It depends on how much money you make, the filing status you choose, and the number of exemptions you claim.  If you go to the IRS web site and look up the W-4 form, it will explain how withholding tax is figured.   www.irs.gov
Anonymous Profile
Anonymous answered
I'm single claiming 1 on my taxes... Check amount is $4,479.82 before taxes with no other deductions, how much should my check be? I also live in the state of Florida... Where we do not have State Tax.
Florence Buie Profile
Florence Buie answered
I claim 0 on my w-4 and except I live in colorado should I be worried if federal has not taken any money out of my paychecks all year

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