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In America, you're required to pay taxes as you earn income throughout the year. The self-employed have to make estimated quarterly payments directly to the IRS. W-2 wage earners, on the other ...
For example, if your wages are $50,000 for the year, you’ll see $3,825 taken out of your paycheck; but your employer will also pay an additional $3,825 to the government in payroll taxes on your ...
In other cases, pre-tax deductions only delay your tax obligations — 401(k) contributions, for example, are taxed when you begin making withdrawals in retirement later down the road.
Rules vary by jurisdiction and by balance of total payments due. Federal employment tax payments are due either monthly or semi-weekly. [24] Federal tax payments must be made either by deposit to a national bank or by electronic funds transfer. If the balance of federal tax payments exceeds $100,000, it must be paid within one banking day.
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