Super Fitness Health BlogFederal Payroll Tax Withholding Table
Employers
If you are an employer then you probably are very familiar with payroll withholding amounts. These amounts change according to the laws put into effect by the IRS.
In 2003, the Jobs and Growth Tax Relief Reconciliation Act was put into effect to put more money into employees paychecks. This required the IRS to develop a new tax table and must be used by employers as of July 2003. Now as a result of the American Recovery and Reinvestment Act of 2009, these federal payroll tax withholding tables have once again been revised. This new act provides more money for the employee on a weekly basis by lowering the amount of federal tax liability.
Federal Payroll Tax Withholding Table
Tax Tables can help you determine the amount of your employees paychecks and to make sure you are taking the right amount of taxes out of each of their checks. The tax tables can help you determine the right amount of federal tax, Medicare, and social security to withhold from each pay period.
Employees
If you are working then you are paying taxes. You will be required to fill out a W-4 to adjust the amount taken out of each paycheck for taxes owed. On this form you will also put down whether you are filing single or married. You may not claim more allowances than you are truly allowed to do. This could result in a large tax bill at the end of the year.
You may also take the option of having additional funds taken out of each paycheck to ensure that you will not owe at the end of the year. Learn more about Federal Payroll Tax Withholding Tables.
To use a free tax calculator, visit TurboTax Online.
Comments are currently closed.