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Video instructions and help with filling out and completing 1040 tax table 2021-2022

As we continue to move forward with moving us towards completing the employee withholding sheet we're ready to start working with our required taxes required taxes are things that are required to come out by law out of your paycheck your gross pay one of them our federal income tax and you're gonna be working with the tax tables Social Security which is 6.2 percent of your gross pay Medicare which is one point four five percent of your gross pay in state income tax again you will be using tax tables provided by the state of Wisconsin so when you are working with those tax tables there are four pieces of information that your employer will need to know about you to properly withhold your federal and state income taxes your employer decides on how often you get paid or your pay period your marital status is communicated by you when you fill out your w-4 your gross income will be calculated by your employer based on your salary or the number of hours you work and your number of allowances which is additional information that is communicated by you the employee on your w-4 so as we look at the tax tables here is the federal tax table you'll see that they are classified in a table according to those four pieces of information your pay period your marital status your gross pay for that pay period and then you are number of allowances so as you are looking at the tax table we're gonna scroll down just to see different areas it goes through the single being paid weekly then we have the meri being paid weekly then we come to the married or the single being paid bi-weekly followed by the married being paid bi-weekly so the first thing you need to do when you are using the tax tables is make sure that you are on the right location according to marital status in your pay period the third piece of data that you need to look for when you are looking at the tax table is how much you have earned for that pay period so when we look at this if you have earned 345 dollars for that two-week period you would find that on the correct roll and then find the number of allowances that will dictate how much is coming out for the federal income taxes so let's use an area of the chart in which you'll see some taxes coming out if you are a married person being paid bi-weekly and you have earned $1,500 and you are claiming 0 allowances you will have a hundred and forty-three dollars coming out being withheld or deducted from your gross pay for federal income taxes if you are married being paid bi-weekly and you have earned $1,500 in you claim a three for an allowance you will have $74 taken out of your gross pay when we work with the state.