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Wages and salaries taxation is a type of tax that is charged on the income from any office, employment and also on the pension on the basis of the assessment for one year. An employee’s work and labor is compensated in the form of money that is called wages, salaries or even tips. But this compensation is marked by various taxes at various levels of government such as the federal and state level. Approximately imposition of three federal taxes is carried out on the income of wage and salary. The information regarding the wages and salaries taxation is given in Wages and Salaries Taxation Homework Help. But there are some types of compensations which are exempted from the taxes. These can be: -wages that are paid to children under the age of 17 or younger employed by their parent, insurance or premiums relating to medical care, long term sick pay, and also the transportation benefits given to commuter highway vehicles. The exemption on other wages in various fields is also given in Wages and Salaries Taxation Homework Help. The taxes on the bonuses and wages are also taxed in the same way as the wages.
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Types of Taxes in Wages and salaries Taxation
There are different types of taxes which are explained here. A brief explanation is provided in Wages and Salaries Taxation Homework Help
• In federal income tax imposition of tax and wages is carried out in the United States of America. Every year this tax is calculated basing on the amount of wages or salaries that are given to the individuals. The federal income tax depends on the income and the tax keeps on increasing as the income increases. Various exemptions, deductions or tax credits can lead to a reduction in the federal income tax. The tax is deducted from the payroll of the employee based on the information that he has provided to the employer on the w-4 form. This is described in details in Wages and Salaries Taxation Homework Help. The tax that is withheld on the wages can be more or less than the actual amount of federal tax that has been due to the government.
• The flat tax that is given on all the compensation incomes is known as Medicare tax. The rate of Medicare tax is surveyed at 2.9 percent as of 2018. The employer pays at around half the Medicare tax and this is estimated to be around 1.45 percent. The residual percentage of money is paid by the employee and the deduction is carried out from the total compensation of the employee that is calculated according to the payroll withholding each pay period. Other types of taxes in wages and salaries can be studied in Wages and Salaries Taxation Homework Help.
• Another flat tax is the social security tax but this tax contains the maximum capital. The rate of social security tax is estimated to be around 12.4 percent on all compensation income as of 2018. Social security administration annually adjusts this capital. Wages and Salaries Taxation Homework Help helps in gaining knowledge about the taxation on wages and salaries.
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