Income Tax Table Federal
May 15th, 2008
Question: Income Tax per Individual Check?
Does anyone know where I can find a table that shows EXACTLY how much state (WI) and federal (USA) taxes come out of my paycheck (e.g. if you make this much, the government takes this much). I’m not looking for an average percentage, I’m looking for precision, this way I can calculate paychecks right down to the cent. I’ve looked around and all I can find are things like 30% or 40% on average, or estimated owed taxes on annual income. This would be something that an accountant or accounts payable clerk would likely have. Thanks for all your help!
Answer: As you probably know, the Social Security and Medicare amounts are fixed (exception: SS stops when you hit the earnings limit, near 100k). The FICA amounts that are deducted from your check are: Social Security is 6.20% and Medicare 1.45%.
Federal income tax is figured using Pub. 15 sometimes known as Circular E (link below). The problem with precision is that many employers will use software that generates this calculation (it will be very close but not to the penny).
I am not familiar with WI state withholding but many states have something Similar to pub. 15. You may run into a software rounding issue here as well.
IRS and state encourage tax filing electronically Federal rules different this year, so care is needed in preparation
The Internal Revenue Service is encouraging taxpayers to take advantage of its free software and electronic filing options this year, which should help eliminate mistakes and lead to faster returns.Electronic filing started Friday, though employers have until the end of the month to get W2s to employees. Those with individual or family incomes of $57,000 or less — about 70 percent of the …
The Federal Reserve and Income Tax
Posted in 
Tags: