how do pri vate accounts work, how is your paycheck taxed with this sysytem?
355001
this was not enacted by congress. The 4% you are referring to is Social Security with holdings they were going to allow you to self direct for your own retirement. I urge you to save it any way in a ROTH  I.R.A..
863133
Normally people get paid on the normal pay date - doing other wise causes all kinds of administrative headaches. So I would wait until the normal payroll run and put them on then.\n\nAlso, you need to issue a P45.
1079888
Our tax system is a "pay as you go" system. We have to pay taxes as we make the money. Which is why we have the regular withholding out of a paycheck, etc... at the end of the year we reconcile taxes paid vs. taxes owed, etc.. via a 1040 form, but paying taxes is not a "yearly" event. It is a pay as you go event. That is how the system is set up. If you expect to owe more than $1000.00 at the end of the year, you must make estimated tax payments.
64030
They are a not-for-profit organization.\n\nYou only pay taxes on profits.
29880
it depends on: is it from the state? then yes, somewhere you paid or will pay taxes... If it's from a private insurer if the payments were deducted post tax, then no (they've already been taxed) if you paid premiums with pre tax dollars, you will be taxed IF THE insurance company reports your payments as income.  look at your policy.
1175469
what's the money being deducted for
812155
Where does somebody get that much money from ... and they want you to put it in your account??? Uh your friend could be commiting tax fraud and making you take the fall for it.\n\nAlso how will you guys work out the interest??\n\nThis is so dodgy I wouldn't do it even if it was legal - which that sum of money why isn't your friend putting it in their own savings account???
440989
If you are an employee, salary sacrifice your pay. Take some of your salary as a laptop, extra superannuation etc.\n\nIf you run a business, incorporate it, and make sure you have a Personal Services Business, in accordance with the Alienation of Personal Services Income legislation.\n\nCompanies only pay a tax rate of 30%, but if you provide personal services, you'll end up having that company income attributed to your personal tax.\n\nYou can also minimise personal tax by hiring a really expensive accountant. They come up with the most creative ideas.
909627
An Individual Retirement Account.  You are not taxed on the money till you take it out. It is to live on when you get older and retire. or disabled.
750473
Excellent question!\n\nImagine a time long ago where once per year the tax man would stop by and ask how much you made the previous year and then say "give me 25%".  Oftentimes, you spend all you made and didn't have the 25% sitting around.  The tax collector would often under collect the taxes by a large amount.  So, the government got smart and said, "Why don't we collect taxes with every paycheck instead of waiting until the end of the year?"\n\nNow, if you have a flat tax, this is easy.  If your tax rate was 25% and there were no credits, deductions, or adjustments, the IRS would simply take 25% of your gross pay.  In fact, they do this currently with social security (6.2%) and Medicare (1.45%). \n\nBut, we don't have a flat tax.  Our tax structure is quite complicated.  We enter all our income minus all our adjustments, deductions, exemptions (dependents) to get to our final taxable income which is taxed at a tiered rate from 10% to 35%.  How much should your employer withhold and give to the IRS on your behalf every paycheck?  5%?  10%?  30%?  Let's say you and a coworker both earn $50,000 per year, but he has a wife and 3 kids.  Maybe his federal tax is only 5% of his earnings whereas you, single and no kids, has a federal tax of 15%.  If your employer withholds 10% from each, your coworker will get a large refund and you will end up owing.  He may want more in each paycheck and a smaller refund.  You may want less in each paycheck and not owe anything at the end of the year.\n\nWithholding allowances give you, the taxpayer, that control.  They allow you to throttle the amount your employer withholds from each paycheck and gives to the IRS.  There are limitations.  If you choose an allowance that is too large, you may end up owing more than the IRS feels you should and they will charge you with penalties.  On the other hand, if you choose a real small allowance, you will end up getting a much larger refund, but each paycheck may be not have enough post-tax money.\n\nBy the way, congratulations for calling them "withholding allowances" and not "dependents" or "exemptions".  Most people don't know the difference.
1021423
it's like additional money you have in your account that you can use if need be\nyou have overdraft fees though if you go below\nyour balance and have to use this overdraft
517745
if u get paid in cash there is no taxes involved unless u filled out the paper work and the employer takes the taxes out of ur cash...payroll definitely has taxes included in it
535261
I'll try to remember. We have Value Added Tax, about 17.5% on certain goods and at a lower rate for gas (petrol) and electricity. Capital Gains Tax after an inheritance over a certain amount. Income Tax, comes out of your wages or your business profits. National Insurance paid out of your wages but your boss pays a larger amount than you, this pays for Welfare benefits and free hospital treatment. Council Tax for all local services Street cleaning, Road mending council house repairs, the police etc., Water rates which pay for your water supply, some areas like where I live in Eastbourne East Sussex have two lots, one for sewage and one for supply as we have different companies supplying both services. I'm not sure if there's an Inheritance Tax as well as the Capital Gains tax but there's also Stamp Duty which is paid during the act of buying a house and various Exises and Duties levied on goods brought into the countries at ports and airports.
184204
a simple tracking method would be to set up your assets in a portfolio on finance.yahoo.com \n\nyou can just divide the earnings by the prin amount as a simplistic calculation.
1107173
Let's make sure you have your forms right.\nThe 1040-ES forms are for estimated payments.  If your income changes (up or down) you simply pay whatever you calculate the estimate to be.  Any worksheet that is done is for your own personal files, the IRS doesn't check them.  What is important is paying in enough to cover your tax.  The IRS WILL charge you underpayment interest if you are short.\n\nGood luck.
461960
yes but not directly.  There's a pass through site that handles the payments.  the IRS's site has info on it.
933038
There is a gullible tax if you buy HYIPs.  Typically its 100% of the money you invested and it gets paid directly to the scamming jerk that sold it to you.\n\nDon't buy HYIP's