Posts Tagged ‘income tax return estimator 2010’
Income Tax Return Estimator
March 7th, 2010Question: Is the amount taken out of my paycheck for FICA considered federal taxes?
I’m trying to guesstimate how much my federal income tax return might be. When using a tax estimator, it asks for the federal income tax amount withheld. Is FICA included in that?
Answer: FICA is a combination of the social security tax and medicare tax and totals about 7.65% of your gross pay.
FICA has absolutely nothing to do with your federal income tax rate. Your federal income tax rate is dependent on which tax bracket you fall into.
The following tax calculator may help.
Tax and Finance Apps for Cell Phone
Every year there is a new and easier way to prepare for tax season. Now most people file their taxes online and keep track of their finances on a computer, but there are some cell phone applications that may make keeping track of your income and expenses a little easier.
Income Tax Return
Posted in Tax Calculators | 
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