Q. I have a full-time and a part-time job with different companies. My employers are both taking out Social Security tax. Is this correct? A. Good Question! There are several common misconceptions about Social Security withholding from a paycheck. This is probably one of the biggest. The answer is….a resounding YES!!! Each employer of record [...]
Q. My question is: I work for a school. Sometimes parents gift money or gift cards at holiday time or for an appreciation event. Are these taxable. How about gift cards from a school committee (holiday drawing etc.) Even a child will offer a dollar in a card. If they are I am really upset. [...]
A good question today for discussion: “My husband is self-employed with no other employees. I generate his paychecks. This year, he has been doing a few jobs outside of our county; therefore, the local tax amounts vary from county to county. The payroll program I use is a very basic program so there are not a lot of [...]
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 [...]
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 [...]
Q. First, please explain the notes on line G of the W4 that talks about what to put on the form for children using different income levels. Secondly, I claimed 8 allowances last year and there were no taxes taken out of my check. This year when I complete the form it shows 9 or [...]
Q. My paycheck increased this week for some reason. My payroll department says it is because of the Stimulus package that was just passed. They can’t find any details. What changed? A. This was supposed to be so easy. Congress passed legislation giving single individuals a $400 credit for the year and married folks $800 [...]
Q. I am thinking of hiring someone and would like to know if there is any benefit to me if I pay the employee’s taxes. For example is my payment of the employees local and/or federal taxes am I allowed to deduct any of these on my own tax returns. I would also like to [...]
Q. I am a waitress in Florida claiming single – 1 on my W-4. I am paid bi-weekly. My paystub follows: 55.42 hours @ $3.77 an hour GROSS Pay $908.18 FICA 56.31 MEDI 13.17 FIT 86.03 TotVolDed 0.00 CASH TIPS 699.25 This leaves me with a net pay for a two-week period of $53.42. PLEASE is this correct? [...]
Q. My paycheck is wildly different each time because I am paid commission in the 2nd check and a draw on the first check of the month. I submit a new W-4 each period to keep my withholding down. Now my payroll department doesn’t want to accept more than 1 change each month. Is this [...]
