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Archive for the ‘Employee’ Category

Q. My husband works for a large company, and I receive disability and do not work.  We just had our taxes done this week and got quite a shock!  We had a federal income tax refund of over $4000, but owed state tax of $1000 and local taxes of $600.  We are in PA.  How [...]

Mar 5th, 2010 | Filed under Employee, Payroll, Taxation

Q. I just started as a temp through an agency.  I work full-time and just received my first paycheck.  I want to ask about the OASDI and the NY 2010-NYCNY withholdings.  I was taxed heavily for the OASDI.  What is the NYCNY withholding? Most importantly, I wanted to ask you is there any way to [...]

Jan 29th, 2010 | Filed under Employee, Payroll, Taxation

Q. My payroll person told me that the filing status on the W-4 doesn’t necessarily mean the same thing as my marital status.  Is that true?  What is filing status?
A. Filing status on the W-4 and filing status on your tax return are not necessarily the same thing.  The W-4 drives withholding only.  The withholding [...]

Jan 15th, 2010 | Filed under Employee, Employer, Payroll, Taxation

Q. I borrowed $15,000 from my 401(k) in Feb, 09. In May, 09, I was laid off from my job. My only options for the loan were to pay it in full (not going to happen) or default. They would NOT allow me to continue making payments and would not transfer the loan to my [...]

Dec 7th, 2009 | Filed under Employee, Payroll, Taxation

Q. I just got a bonus from my company and noticed the taxes were way higher than my normal tax bracket.  What is going on?  I live in California.
A. I have good news and bad news for you.  The bad news is, the calculation is probably correct.  You did not supply any numbers with your [...]

Sep 23rd, 2009 | Filed under Employee, Payroll

Q. I work for a large company that maintains a few different business units under the parent company.  The company uses different tax ID’s for each business unit.  This year I changed jobs internally, moving from one business unit to another.  In July I noticed that my year-to-date FICA contributions had reset as a result [...]

Sep 9th, 2009 | Filed under Employee, Payroll

Q. How do I know what tax bracket I’m in?  Where does that number come from?
A. This question probably ranks right up at the top of the list of most frequent questions.  First of all, you probably meant to ask what is your marginal tax rate.  Let me explain.  Federal income tax is calculated on [...]

Sep 2nd, 2009 | Filed under Employee, Taxation

Q.  I just started a new job and my employer wants me to do the payroll too. How do I learn some more about it so I don’t mess it up?
A. Thank you for looking for more education.  So many people think that payroll is nothing more than taking out taxes.  The payroll process has [...]

Aug 20th, 2009 | Filed under Employee, Employer, Payroll

Q. I just wanted to ask why these taxes come out of my check. I live in New york.
Takes they take out:
Federal W/h, OASDI, Medicare, State W/H ny, State SDi Ny, Ny 2010-nycny
What is the Medicare for?  Also the State Sdi Ny And the Ny 2010-Nycny what are these tax [...]

Aug 6th, 2009 | Filed under Employee, Payroll

Q. I followed your advice and had my payroll department withhold based on W4 stuff instead of a flat percent.  How do I know if I’m on track?
A. That’s a rather amusing question actually.  Publication 15 and the W-4 both require that you use only marital status and number of allowances on the form.  If [...]

Jul 22nd, 2009 | Filed under Employee, Payroll, Taxation