Tax Deduction Tables
September 29th, 2008
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Question: If my employer gives me an end of the year bonus and doesn’t withhold FICA how does the IRS get this money?
I’m receiving a $1,000 bonus but am not having taxes withheld. Since there is no deduction on a 1040 for FICA taxes how does the SS Admin collect the $1,000 X ((6.2% (SS) +1.45% (Med)) = $76.50? Is it imbedded within the tax table?
Answer: Unless your income is already above the FICA ceiling, they should withhold it. Perhaps they will take it out of your regular paycheck as an added deduction.
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Every year, the IRS reports the most common blunders taxpayers make on their returns. What they usually don’t mention is the 85 million of us who shortchange ourselves by not taking these big deductions.
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