why do i get a lot of taxes taken out my paycheck?

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  • why do i get a lot of taxes taken out my paycheck?


Answer #1 | 21/12 2013 18:19
That's a lot of tax. Check your paycheck to see if there are other deductions happening, and use a tax filing tool to estimate how much you should be paying. I suspect you'll get a lot of it back.
Answer #2 | 21/12 2013 18:25
Is that just income tax or does that include your social security and medicare tax too? There is a tax worksheet on your W-4. Use it and adjust your withholding instructions to your employer if necessary. I haven't checked the tax tables but my guess is you will get a grand or two back.
Answer #3 | 21/12 2013 18:19
that is 10% plus Medicare and Social Security thus your tax rate is LOW
Answer #4 | 21/12 2013 18:28
First, that's not a lot of tax. 1/3 is about average. You're slightly over 1/3. Second, $40,000 in only 7 months is almost $6000 per month, and that is a lot of money. The amount taken out of the paychecks is based on the amount you make per check, and you do make a lot per paycheck. The amount that the government keeps in the end is based on the amount that you make per year, which is somewhat more normal, but still on the high side for your age. You'll probably get back some, but not a lot, because you made a lot, and not a lot was taken from your taxes.
Answer #5 | 21/12 2013 18:52
you cannot avoid the FICA taxes, 7.65% of your gross, if your state has an employee tax it also is not avoided neither are refundable the amount of income tax which probably not all your $13K will depend on how you filed your W-4 with your employer if you claimed 0 they are taking the maximum they can on your gross if you are single, no dependents your taxable income $30K, probably about $3500 income tax
Answer #6 | 22/12 2013 12:13
That works out to a 25% overall rate, once FICA taxes are separated Provided that the rest of your deductions are Federal income tax, you should get some refunded to you. If your state has an income tax or if there are other deductions that you are including in this, less will be refunded. Based on the idea that you worked 7 out of 12 months, you will have paid more taxes than necessary. Your employer will have withheld your taxes at a rate that allowed for 12 months of employment so you won't have made as much as the estimate allowed for.
Answer #7 | 21/12 2013 22:10
40,000 a yr is not a lot. it is considered average for a family of four. the taxes u pay are required by law so enjoy them. some of it u will get back , some never. visit a library for books on how to do your taxes so u can learn
Answer #8 | 21/12 2013 19:16
How are these deductions listed on your pay stub? Most pay stubs will list the following: Federal Income Tax State Income Tax FICA Tax Medicare Tax City income Tax Union Dues (Not a Tax, but a deduction nevertheless). Would you be able to provide this information the next time you submit a question. It might help.

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