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What is the Federal Income Tax?
Ever notice that annoying little deduction out of your paycheck? There should be more then one, but I'm talking about the federal income tax specifically. Taken out of every employee wage, including bonuses and commissions (Even tips for waitresses!), it's a way of life for the working US citizen.
The employer must provide a W-4, because this is how you determine how much is withheld from each paycheck you receive. You need to also make sure you let your employer know if you're married or single, and the number of exemptions you'll be claiming. This changes how much you have to pay in taxes.
From the IRS you can receive Publication 919, or 'Getting the Right Amount of Tax Withheld'. As an employee, you have the right to request additional funds to be withheld. This publication can help you figure out what amount of tax withholding is right for you, your family, and your employer.
There are a lot of different factors that play into the amount of federal income tax is withheld each year, including if you have then one job or if you're married. This is why it's vital to let your employer know all of these things at the beginning of your employment, and alert them as soon as it changes. Sometimes, depending on the number of exemptions, filing status, and earned income levels, employees will qualify for Advance EIC Payments. This is basically a refund of federal income tax, and they're to be made each pay period, if it's requested.
When an employee contributes to a 401(k), or another, similar program, it will also affect how much is withheld. Most of the time, contributions to a program like this benefit the employee at the end of the tax year, because these contributions provide a tax break as well as reduce what's due to the federal government.
Child tax credits, education credits, nonwage income, these all affect your liability as well. Don't think that smudging information on your employer's sheets doesn't make a difference, because it does.
At the end of the tax year, you should be given a W-2. Your W-2 basically contains everything you were paid, and every deduction that was taken from your pay since the beginning of the last tax year. You are required to receive a W-2 by January 31st of the next tax year, if you haven't, you need to contact your employer.
Bottom line? As an employee, you need to go over your filing status, and your W-4, to make sure everything is correct, and the right amount of taxes are being withheld. It's vital, because discovering a mistake after filing taxes can result in fee's, penalties, and more.
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There are a lot of different factors that play into the amount of federal income tax is withheld each year. Sometimes, depending on the number of exemptions, filing status, and earned income levels, employees will qualify for Advance EIC Payments. This is basically a refund of federal income tax, and they're to be made each pay period, if it's requested.
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