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07-10-2007, 05:16 AM #26
Senior Member
Would you stand up?
FreeVenice, hun, talk to an accountant if you don't believe me. The federal income taxes that come out of your paycheck are precisely the same ones that go to the IRS (which is basically simply the name of our country's tax-collection agency) after you reconcile things at the end of your salary year, figuring out whether you owe the IRS more tax money or they owe you a refund. You initially set your tax situation up through a W-4 (federal IRS) form when you start work, claiming the number of withholding allowances you plan to claim that year. That's usually the same as the number of personal exemptions you claim on your tax return at the end of the year. Then your wages, salaries, reported tips, and federal taxes are reported back to you on your W-2 form at the end of the year, along with any state deductions that get taken from your paycheck. That W-2 form also tells you what your FICA withholding was.
Originally Posted by FreeVenice
Now, perhaps what you're thinking of is FICA withholding, which are specific taxes that go to Social Security and Medicare. Those aren't war on drugs monies, either, though. A relatively small portion of your federal taxes goes to the federal Office of National Drug Control Policy, which oversees and funds the war on drugs. You can trust me on what I'm telling you here. I made A's in both my tax law classes in law school. Be happy to share the transcript with you if you like.[SIZE=\"4\"]\"That best portion of a good man\'s life: his little, nameless, unremembered acts of kindness and love.\"[/SIZE]
[align=center]William Wordsworth, English poet (1770 - 1850)[/align]
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