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The W-4 form is an Employee’s Withholding Allowance Certificate designed to let your employer know how much of your income to withhold for federal taxes.
Form W-4, 2012. Form W-4 (officially, the "Employee's Withholding Allowance Certificate") [1] is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of federal tax to withhold ...
This brings the total federal payroll tax withholding to 7.65%.) Employers are required to pay an additional equal amount of Medicare taxes, and a 6.2% rate of Social Security taxes. [13] Many states also impose additional taxes that are withheld from wages. Wages are defined somewhat differently for different withholding tax purposes.
In 1942, to help fund World War II, the federal government took over the raising of all income tax, to the exclusion of the states. The loss of the states' ability to raise revenue by income taxation was offset by federal government grants to the states and, later, the devolution of the power to levy payroll taxes to the states in 1971. [92]
“The employer is still required to withhold FICA (Federal Insurance Contributions Act) and Medicare, as well as state and local withholding,” said Mike Savage, CPA and CEO of 1-800Accountant ...
Upon employment, most workers undergo tax withholding, facilitated by the completion of a W-4 Form, which estimates their future tax liabilities. Within the realm of payroll taxes, withholding tax represents one of two primary categories. The counterpart, paid by the employer to the government, is calculated based on individual employees' wages.
To do so, you’ll need to fill out Form W-4V, Voluntary Withholding Request, and indicate how much you want withheld. Here’s how you fill out Form W-4V: Add your name, address and Social ...
This data is collected by the United States Census Bureau for state governments during fiscal year 2015. These statistics include tax collections for state governments only; they do not include tax collections from local governments.