Ask Experts Questions for FREE Help !
Ask
    dgk1116's Avatar
    dgk1116 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 9, 2010, 09:46 PM
    What taxes do you get back from a paycheck
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Dec 10, 2010, 04:50 AM

    You don't get any taxes back from a paycheck. In the US, an employer is required to withhold a percentage of your pay, based on withholding tables, as an advance towards your tax liability. After the end of the year, you receive a W2 form from each employer stating how much has been withheld and turned over to the various taxing districts (federal, state, local). You then complete a 1040 form that calculates the amount of tax you actuallly owe based on deductions and credits you may qualify for. This is then compared to the amounts already withheld. If more was withheld then you owe, you get a refund, if you owe more you have to pay.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Dec 10, 2010, 07:32 AM

    SG was talking about federal withholding from your paycheck. The same explanation applies to any state or local income taxes that are withheld from your wages (if any). You also have payroll taxes (social security and medicare) which take 7.65% on the first $106.8K you earn per year - you don't get that back (though your contributoins to SS help qualify you to receive SS benefits in the future), and you may also have a state unemployment insurance and/or disability tax taken out (SSI/SSD) - you won't see that again, though it may qualify you to receive unemploytment if you ever lose your job.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Does back child supprt come out of paycheck or just taxes [ 1 Answers ]

My fiancé and I just found out that we are about to have a child. I know this all may sound bad and that it may sound like he is a bad father but he is not. He has 3 kids outside of our marriage and just recently found out that his ex from when he was 17 filed child support on him and that the...

My paycheck after taxes [ 2 Answers ]

Please help me to figure out What taxes and it's % are taken from a paycheck of household employee? Thanks!:cool:

No taxes taken out of paycheck [ 3 Answers ]

My husband started a new job in July. He is making less money than his previous job and he was told that he did not have to have taxes taken out because he had already paid enough in. I am worried that this will come back to haunt us come tax time next year. Does this sound legitimate? Thanks!

No taxes taken out of paycheck [ 3 Answers ]

I just started working for a small business daycare and there are no taxes taken out, we are paid with hand-written business checks but, I was asked to fill out a w-4 for (2007) just wondering what to do or how this works at the end of the year or if I should be taking taxes out myself each pay...

View more questions Search