How much federal tax is deducted?

Answer The amount of federal taxes paid is based on gross wages and the number of allowances claimed on the W-4 form---the Employee's Withholding Allowance Certificate. There is no set amount of taxes wit... Read More »

Top Q&A For: How much federal tax is deducted

Can the Tax From Buying New Car Be Deducted on Federal Taxes?

The Internal Revenue Code in the United States allows for deduction of sales tax on the purchase of a vehicle when the taxpayer completes Schedule A, Itemized Deductions, of Form 1040, U.S. Individ... Read More »

About Federal Income Tax Deducted From Your Paycheck?

The federal government requires that you pay estimated taxes on your income as you earn it rather than in one large payment when you file your tax return. Most people satisfy this requirement throu... Read More »

Can a 529 Plan Be Deducted From a 2007 Federal Income Tax Return?

The federal government lets you take a deduction for contributions to certain retirement accounts, such as a Roth IRA, but 529 college savings plans don't offer a tax break. However, starting a 529... Read More »

Can home refinance costs be deducted from a federal income tax return?

The Internal Revenue Service states that if you itemize, you can deduct your closing points as interest, over the life of the loan. So, if you pay $2,000 in points and have a 30-year mortgage, you ... Read More »