Find solution
What is "tax" when you get a paycheck?

What is the point of taking out tax from our paycheck if your going to get it back?

  • Okay So Im about to get a small part time job and I was telling my mom how it sucks that they take so much money out of your paycheck for tax! And she just told me you get it back at the end of the year? Whattt I didint know that! Anyways why take it in the first place then?

  • Answer:

    you don't get ALL of it back. you pay taxes based on the w4 you fill out when you start your job. if you claim 0 dependents then more taxes will be taken out of your check. when you file a w2 next jan-apr (whenever you file) it will automatically claim 1 dependent (you) so you will have overpaid in taxes and get SOME money back. if you want to have to money now you have to claim 1 on your w4. that way you will pay a sum of money that is much closer to what the IRS wants you to pay and you will get a much smaller return. for instance, i got 54 dollars back this year because my w4 was changed by my employer without my knowledge. most people with claim 0 dependents so they can get a bigger return the next year. however, you are still paying taxes.

Farid Khan at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

You do not have to have money withheld from your paychecks if you have no liability. Visit the IRS website and find the W-4 tool. You can input information about your filing status and your estimated income that you will make and it will tell you how many exemptions you should claim to just pay what you owe. You want to be as close to $0 refund without owing as possible; any excess is a free loan you give to the government for a year. Unless you are eligible for credits, such as for school or having children you can claim, you will not get back any more than you pay in.

Sissy

They take tax out of your check based on how you fill out the W-4 form that you completed when you got the job. If you take more dependents they take less out of your check. This is income tax only however. They will take the amounts for social security and medicare anyway and you do not get this back but the amounts for federal and state income tax are calculated by what you put down. You can change the W-4 form so you get no tax withheld. They take tax out based on how much they feel you will owe at the end of the year and this is based on how many dependents you claim. Claim yourself, 1 dependent and it should work out about even at the end of the year.

irongrama

You don't get it all back. It all depends on your gross wadges.

ashle

They just want you to spend it

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.