The Tax Preparation Blog

Posts Tagged ‘chart’

Question: Is there a table to figure out payroll tax withholding percentages?

I am only looking for federal tax witholding information. Is there a tax table that shows the percentage witheld for biweekly income? I’m married, and I only claim 2… but I would like to have a variety of claims to compare what is witheld.

Social Security Tax % witheld based on income?
Medicare Tax % witheld based on income?
Federal Tax % witheld based on income?

I want to be able to look at the chart, and figure out how much will be taken, exactly, every paycheck that I receive.

Thanks.

Answer: For federal tax withholding, use Publication 15: http://www.irs.gov/pub/irs-pdf/p15.pdf

If you read pages 36 – 39, you’ll be able to calculate your federal tax withholding exactly.

Social security tax is 6.2% of gross compensation up to a limit of $102,000 of compensation

Medicare tax is is 1.45% of wages with no limit.
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I’ve got an Excel spreadsheet set up to do the same thing. I can enter each gross paycheck amount, the spreadsheet does the calculation, and I can forcast what my various withholdings are. That way, I can be sure whether my taxes paid for the year will cover my taxes due when I file.

Tree.com Reports Second Quarter 2010 Results

Tree.com, Inc. today announced second quarter 2010 Adjusted EBITDA of $3.4 million, an improvement of $2.6 million over the prior quarter and a $4.8 million decrease from the second quarter 2009. Â Tree’s second quarter 2010 revenue was $45.8 million, down from $48.0 million in the first quarter 2010. Â Tree reported a GAAP loss of $0.07 per share on a net loss of $0.8 million, an improvement …

How to Calculate for Salary, Withholding Tax, etc. (Part 2)

Question: I checked “where’s my refund” 2 days ago, it said to expect payment by 2/3/2009. Today it says 2/10/2009, why?

My tax return was accepted by the IRS on 1/20/2009. The federal refund cycle chart shows that I should have received payment on 1/30/2009, and when I originally checked “Where’s my refund? ” It said to expect it by 2/3/2009, however now it says 2/10/2009. When can I expect payment?

Answer: The original estimate was overly optimistic.

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Year in Review

• Okotoks’ lauded population cap could be “tweaked” as the Town and the Calgary Regional Partnership (CRP) ponder new plans for the future. Okotoks’ mayor and two town councillors say they support altering the population cap.

Federal Tax Credit Increased to $15,000