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    Question about taxable wages
    At my last job m employer would not take taxes out of our checks. How will this affect me when it comes to paying taxes? Is there a way to estimate the amount I am going to have to pay?


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    You have to pay your taxes for the taxable income you earn. If it is not taxable then that's good, but if your income is taxable then it means you should pay the taxes. In our country employers and every other corporation removes the tax immediately upon payment to employees. In your case, if people living in our country would have an employer who doesn't take off the taxes, they would take advantage of it and not pay taxes. You should pay taxes especially if your government has criminal charges and penalties for tax evaders, well in our country there is but is not being implemented correctly due to corruption. I hope this helps


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    Quote Originally Posted by fredkawig View Post
    You have to pay your taxes for the taxable income you earn. If it is not taxable then that's good, but if your income is taxable then it means you should pay the taxes. In our country employers and every other corporation removes the tax immediately upon payment to employees. In your case, if people living in our country would have an employer who doesn't take off the taxes, they would take advantage of it and not pay taxes. You should pay taxes especially if your government has criminal charges and penalties for tax evaders, well in our country there is but is not being implemented correctly due to corruption. I hope this helps
    Thank you, that was quite informative. I'm already preparing to have to pay taxes, I just thought if there was a way to estimate how much.


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    You need to go to your government and get a tax rate guide. You can then look up what the percentage is for your income bracket.

    If you are an employee your employer should be running a payroll and doing withholding. In the USA employers pay half of the social security for you.

    But either way you need to take care of it before you get in over your head.


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    You have to file tax on your own or hire an accountant to do the tax for you, that way you don't have to worry about how much tax deduction the IRS takes from your checks. I usually hire an account because if anything happens, he knows what to do and how to solve the tax issues. I would suggest that you check the IRS site to find out how much tax you're going to deduct off your paychecks.


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    You probably need to talk to a tax professional about your individual situation. It is important not to ignore it, though. You can technically get in a lot of trouble and do jail time if you don't pay your taxes, but that probably won't happen unless we're talking about a lot of money. However, they will hunt you down, garnish your wages, destroy your credit and everything else if you don't pay it like you're supposed to. You're much better off finding out about what you need to pay and at least striking a deal with the IRS about making payments.


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    To compute the taxes that you should pay, just get the total wage you have received for the entire year, subtract all the allowable deductions, then multiply the result by the applicable tax rate.

    It may be a bit burdensome in your part to pay taxes on an annual basis as it is accumulated. It's better to remit taxes on a monthly or a quarterly basis.


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    There are many variables, but I would hold onto 40% of what you were paid. It may be less when your file your taxes, but 40% is a good ballpark.


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    JS

    Schultz & Associates, CPA[/URL]
    Plymouth, Michigan
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    In Canada, all employers are required to remit taxes off from the employee's payroll.
    The employers are required to provide a T4 slip to all employees.

    We can perform a payroll calculation to estimate your taxes. Please contact us.

    Sincerely,
    Madan Chartered Accountant
    http://www.madanca.com


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