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Employees that receive a W2 from their employers usually fill out the Federal form W4 which determines the amount of federal tax taken out of each paycheck. The purpose of the form is to prevent underpayment or large overpayment of federal tax. As an alternative you can "block" federal taxes from being taken-which means having $0 per paycheck applied to federal taxes. This should only be done if you don't expect to pay federal taxes or your taxes are paid in another way (for instance through a spouse's withholding.
This might also be done if the amount of tax that needs to be paid for the year is known at the start. A person could block the tax and then specify a flat amount taken out each paycheck. For instance if you pay $12000 a year in taxes and get paid once a month you could have a flat tax of $1000/month taken out. The advantage to this method is that rather than getting a refund at the end of the year you have use of the money through out the year.
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Why would it say tax blocked on your pay stub next to your federal with holding and state with holding?
why would it say tax blocked on my paystib next to federal?
What does tax blocked on w-2 mean?
It's on the lower right corner of my W2, and says: I want to know what this means or if I should contact someone in my employer's payroll department to find the answer Exemptions/Allowances: Federal: 1 Tax Blocked $484.94 Flat Tax State: 1 Tax Blocked $157.22 Flat Tax
What does tax blocked on w 2 mean?
It's on the lower right corner of my W2, and says: I want to know what this means or if I should contact someone in my employer's payroll department to find the answer Exemptions/Allowances: Federal: 1 Tax Blocked $484.94 Flat Tax State: 1 Tax Blocked $157.22 Flat Tax
What does FWT mean on payroll check stub?
Federal Withholding Tax
What kind of tax is the federal government's tax?
It's a federal government tax
What is mean by income tax?
It is what the federal or state government charges you on your income. (the money you earn) It is a percentage of your income. It mean the tax youse has to pay on youse income.
What does futa mean on a payroll pay stub?
Federal Unemployment TAX (FUTA)
On a paystub what is the uss tax?
On my pay stub there is a USS tax and no federal tax? Is USS federal tax?
Is federal tax on gasoline deductible on a 2008 federal tax return?
No. Not any year. And Federal Tax, even income tax, is not deductible on a return.
The federal income tax uses which form of taxation?
The federal tax is considered a voluntary tax.
When did federal inventory tax start?
In the US there is no federal tax on inventory.
Who can take your federal income tax?
federal income tax people
