![]() ![]() These changes mainly apply to those adjusting their withholdings or changing jobs.īesides FICA taxes and federal and state income taxes, you can also elect to have additional money withheld from your paychecks. It also requires filers to specify annual dollar amounts for income tax credits, non-wage income, itemized and other deductions and total annual taxable wages. Instead, it features a five-step process that allows filers to enter personal information, claim dependents and indicate any additional income or jobs. More specifically, the new withholding form doesn’t ask you to list total allowances. In recent years, the Form W-4 has seen an overhaul. When you start a new job or need to change your withholding, you have to provide your employer a new W-4 form. Exactly how much your employer withholds to cover your federal income tax liability depends on several factors, including marital status, number of dependents and taxable income. The only way you can get around this is if your income is very low. Next up is federal income tax withholding. If you make $200,000 or more, your earnings in excess of $200,000 are subject to a 0.9% Medicare surtax, not matched by your employer. Your employer then matches that contribution. Every pay period, your employer withholds 6.2% of your earnings for Social Security taxes and 1.45% of your earnings for Medicare taxes. No matter which state you call home, your employer withholds money for FICA taxes, which include Social Security and Medicare taxes. Number of cities that have local income taxes: 0.Median household income: $51,730 (U.S.Louisiana income tax rate: 2.00% - 6.00%.
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