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1. Question: What taxes are taken out of my paycheck in the U.S. and why?
Answer: The following taxes are taken out of your paycheck:
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Social Security tax (FICA) - this program is used to pay money to retired workers over 65, those who can no longer work due to a sickness or disability, and the families of workers who have passed away. All those working in the U.S. are required to contribute a
set portion of their paycheck to this by law. The government determines percentages. Currently the percentage is 6.2%. Your employer is not responsible for any of this. |
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Additional Information on Social Security can be obtained by calling 1-800-772-1213 or by visiting the web at www.ssa.gov. |
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Medicare Tax - provides medical and hospital insurance to people who qualify for low or no income. All those working in the U.S. are required to contribute a set portion of their paycheck to this by law. The government determines percentages. Currently the percentage is 1.45%. Your employer is not responsible for any of this. |
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Tax rate for daleware - provides assistance to workers who become unemployed. Employee contributions for state unemployment insurance is currently 6.25%. |
2. Question: Who can I claim as dependents?
Answer: Only your spouse and children or a child that you are a legal guardian for can be claimed as dependents. Furthermore, the above- mentioned can only be declared dependents if they are citizens or residents of the U.S., Canada or Mexico. Also you must
provide more than half your dependents support during the year.
3. Question: What are Federal Income Tax Returns?
Answer: By the end of January, you will receive via mail a document containing all pertinent salary and tax information from the past year. You will receive a separate document from each company that employed you over that time period. You will also receive similar documents from your bank if you have an interest bearing account. You will receive a Federal Income tax form from the government in January.
You can either fill out the form yourself or take it to an accountant. All forms MUST be mailed and dated 11:59 pm April 15th. If not enough money in taxes was taken out of your wages, you will owe the government money and have to pay them the specified amount.
If you had
too much money in taxes taken out of your wages, you will get a refund from the government. These same rules apply to State Income Tax Returns as well.
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