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Comparison of tax rates around the world is a difficult and somewhat subjective enterprise. Tax laws in most countries are extremely complex, and tax burden falls differently on different groups in each country and sub-national unit. The lists below give an indication by rank of some raw indicators. GraphsIncome Tax rates by Country based on OECD 2005 data.From Wikipedia under the
GNU Free Documentation License How Federal tax is calculated for whithholding from paycheck? Q. I couple of related questions: 1- Is there a formula that is used to calculate federal tax that is going to be whithheld from every paycheck? I understand it is based on W-4 form enteries, frequency of the paycheck (weekly, biweekly etc) and the tax bracket related to the taxable income but can someone please tell me what that formula is in terms of math denotation/expression? e.g. tax to be withheld = a x b/xy where a, b, x, y are various variables and what those variables are. 2- When Fed tax is withheld, is it withheld against the gross income for that period or the gross income minus FICA (ss and medicare tax) and/or medical health insurance premium? I understand that in case of 401k contributions, gross income minus 401k… [cont.] Asked by Azhar - Sun Mar 18 21:13:03 2007 - - 4 Answers - 1 Comments A. Employers use IRS Pub 15 to calculate withholdings. You can get a copy at the IRS website. FICA is a flat 7.65% of gross income. 401(k) contributons are NOT exempt from FICA although income for income tax purposes is. Federal income taxes are withheld from gross income after deducting pre-tax decuctions for retirement plans, health insurance, or pre-tax cafe plans. FICA is NOT deducted from gross income to calculate income tax withholding. State taxes are withheld based upon gross wages just like Federal income taxes are. Some states allow a deduction for FICA and some do not so state law will determine if FICA is subtracted from your wages before the withholding is calculated. Answered by Bostonian In MO - Sun Mar 18 22:33:36 2007 What do I subtract if I want to calculate federal and state tax? Q. So, let's say I'm calculating federal tax that I need to pay. Do I need to subtract state tax, medicare tax and social security tax from my income and calculate it base on that amount or do I calculate it on the value that's show on my W2 Box 1? The same applay for state tax. Do I subtract federal income tax, etc etc tax out of my income? Asked by TK - Mon Jan 26 19:03:50 2009 - - 1 Answers - 0 Comments A. I m Laura and I work for TurboTax. It sounds like you may have more than a couple of questions about your taxes. I would suggest using TurboTax to prepare your return. There are several different versions (depending on your needs) including a FREE version. TuboTax has an interview where you are asked questions and the answers are transferred to the correct line on your tax return. You don't need to know about taxes to do your taxes with TurboTax. If you decide to try preparing your taxes by yourself, then the answer to your question is that the amount from your W2, box 1 goes on line 7 of your form 1040 (If you have more than one you'll need to add them all together). You do not subtract the federal income tax, etc etc tax from your… [cont.] Answered by kernandlaura - Tue Jan 27 16:27:01 2009 How long does it take to receive your federal housing tax credit?
Q. I sent in the information for my federal tax housing credit last month. Does anyone know how long it is going to take to receive it? I called the IRS and they are still not registering any information. I sent it in on May 15th. Any idea when I will get it? Thanks! Asked by Kristin M - Fri Jun 19 14:00:25 2009 - - 4 Answers - 0 Comments A. It's not unusual for nothing to show on the IRS side for 8-10 weeks. Answered by the tax lady - Fri Jun 19 14:08:57 2009 From Yahoo Answer Search: "federal tax"  news.google.com Bizjournals.com The Model S has an anticipated base price of $49900 after a $7500 federal tax credit, and Tesla said it expects to start Model S production in late 2011. ... and more » news.google.com Wall Street Journal It's hard not to laugh when viewing the results of the federal first-time home-buyer tax credit. The credit, worth up to $8000 for the purchase of a home, ... Some first-time home buyers waiting months for tax credit Plain Dealer Deadline looming for home buyers' tax credit KOMO News all 45 news articles » news.google.com Seeking Alpha (blog) In the third quarter, we received an addition net federal tax refund of approximately 12 million, bringing the total refunded amount at a year to 91 million ... and more » From Google News Search: "federal tax"  blog.oup.com Rebecca Mon, 05 Oct 2009 12:40:29 GM From such institutions, these taxpayers receive Form 1099 annually and generally comply with the legal obligation to pay . federal. income . tax. on the interest credited to their bank and credit union accounts. Such middle and working class ...  ordinary-gentlemen.com Jamelle Mon, 05 Oct 2009 17:41:49 GM so what you're saying is that the . federal. income . tax. isn't progressive, but once you add in state . taxes. the aggregate is progressive? Is this across all states, only a tiny fraction of states, no states, or somewhere in the middle? ...  infidelsparadise.com Drillanwr Mon, 05 Oct 2009 23:54:15 GM Gregg: See the CNN news story: 47% will pay no . federal. income . tax. ! John Boehner Says The President Is Subverting The Constitution With All The Czars (1). Michael Kirsch, M.D: Of course, you are spot on on ... From Google Blog Search: "federal tax" |
