Hi Sajha Viewer,

I have some doubts on, how the federal taxes get calculated ??? How come it is different for people who are having same occupation and being paid almost same amount of money ??? Is there any fixed amount of amount need to be paid as federal taxes for a particular fiscal year ?? and more......

I went through IRS site and some others too, but I'm not able to make me clear on this thing. so you guys can help me out in understanding this things.

Actually, I'm a student doing my CPT. i have been charging a massive amount as federal taxes and it is almost double as of mine friends. So i just want to know how to deal with it and how can i pull it down ????

Thanks in advance and any useful suggestions would be appreciated.

Regards
Raj........

its composed of social  security and medicare, beside that it depends on the number of dependents you have.

social security and medicare is the same for anyone with a same income. but the federal tax depends on the number of dependents. most prolly, ur frens who make the same amout as you do,have stated they have more dependents so their tax is less, and may be u have stated and no dependents,hence u pay more in ur paycheck

but come jan,when u get ur w4, and file for ur taxes..then it is calculated ,and if you have paid more you get refunded......for the difference.

if ur making 32k -78, ud pay 25%..its marginal thought

 

anyways..if htey are taking too much ud most likely to get a refund,,or just go to the HR and add some dependnents..doesnt matter how many u add...but again, when u file tax in jan,,ad u dont have dependents..and if they have deducted  l ess tax from ur paychekc..you might instead have to pay more in taxes...