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The simplest way to figure out how much should be exiting your paycheck each month is the IRS’ tax withholding calculator tool.
All states have tax collection mechanisms. States with an income tax require employers to withhold state income tax on wages earned within the state. Some states have other withholding mechanisms, particularly with respect to partnerships.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer.
During World War II, Congress introduced payroll withholding and quarterly tax payments. President Franklin D. Roosevelt proposed a 100% tax on all incomes over $25,000, stating that the success of the war effort required both revenue and public income equity.
The IRS explains that if changes should be made to withholding, the calculator gives employees the information they need to fill out the new W-4, which can be submitted to employers.
Did you get an unpleasant surprise this tax season? If you had an unexpected tax bill or a smaller refund than anticipated, you might want to review your paycheck withholdings. Explore: Pros and ...
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