Tax question, for anyone interested (U.S.-specific)

Factual Questions
1

I’m trying to get a handle on what my tax bill will be for this year. In the calculator I’m using, it asks me for the amount of federal income tax I’ve paid this year. No problem, got that as a line-item on my paycheck. However, noplace does it ask me for the amount of Social Security tax or Medicare tax. (It’s not a particularly detailed calculator.) Are these to be included in the “federal income tax” section?

I know, I know, I could just look on last year’s return and answer this, but I’m at work and the return is at home. The IRS site isn’t much help with this, either … or at least, I can’t figure out where to go on there to find this info.

If SS and Medicare taxes aren’t included in the federal income tax area, do I at least get credit for them SOMEWHERE?

2

No, no credit at all. For now it’s as if that money never existed.

3

No, you don’t get any credit for SS and Medicare withheld from your paycheck.

The Federal Income tax line shouldn’t include those amounts.

4

Thanks for the replies, folks. Not what I wanted to hear, but at least now I know.

5

Of course, if you are looking at your pay stub, make sure you use your taxable income instead of your gross income in figuring income. My company withholds 401k and Medical Insurance payments on a pretax basis – meaning they are not included in figuring income tax.

Hope that 1)it is not redundant information
2)it helps.

Regards

6

Agreeing with all the prior comments, but adding:

  • If you are self-employed, then you will be liable for estimated tax payments that cover both income tax and social security contributions.
7

Wow. First Lynn Bodoni responds to another question of mine, and now C K Dexter Haven chimes in on this. I’m traveling in rare company these days. Administrators answer my questions. Cool!

Pardon me while my head swells.