The article reports on the Middle Class Tax Relief and Job Creation Act of 2012 which signed into law by U.S. President Barack Obama in February 22, 2012 which aims to extend the payroll tax cut. In addition, the approved legislation also aims to remain the portion of the Social Security...
Although some payroll deductions like IRS withholding may be refunded when you file your income tax return, there are others that don't come back to you. This is because the U.S. federal government uses some deductions to fund federal programs. The code Fed OASDI/EE on a paycheck indicates...
If you work for multiple employers throughout the year, you may earn more than the maximum salary for FICA taxes. Your employers may not be aware of this, which means they will continue withholding money from your paycheck. If this happens, you can receive credit for the overpaid taxes when...