Tax Deduction Consulting: Payroll Deduction Washington DC
Title: Financial Advisor
Company: Core Advisory, LLC
Registered Investor: Yes
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience: 15
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu
Years of Experience: 18
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans
Frank & Darby Doe
Years of Experience: 33
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities
Title: LPL Wealth Planner
Company: WealthPath LLC
Investment Advisor Rep: Yes
University of Oklahoma/MHR
University of Florida/BA
Years Experience: 7
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni
Integrity Financial Group, LLC
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
IARFC, MDRT, FPA, SFSP, NAIFA
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans
The Planning Companies
Years of Experience: 19
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Tax Deduction Consulting: Payroll Deduction
There are very few employees who have not experienced that sinking feeling upon opening their pay envelope and finding much less than they anticipated. Payroll deductions are the culprit.
It is a rare employee who has not raised his fist in frustration upon opening his pay check and cursing the amount of payroll deductions that has reduced his "take home" pay to such a small amount. Payroll deductions actually fall into two major groups. The first is the mandatory ones and the second is the optional ones. The employer is not the bad guy in the first case as Federal and State laws require them to withhold your taxes and pass them on to the appropriate Government agency on your behalf.
When you are employed you should fill out a W-4 form and the equivalent State Tax form. Seven States currently do not tax personal income, and two others tax only dividends and interest income. The remaining states will require the deduction of State Income tax as well as Federal tax withholding. The amount of tax withheld as a payroll deduction will be determined by the information contained on the W-4 form. The amount withheld depends on your filing status and number of exemptions. You can also specify and additional amount to be deducted in box six.
There are two trains of thought on additional withholding and even on claiming the total amount of exemptions to which you are entitled. The first approach says that it is better to overpay the IRS and then you will be entitled to a refund when you file your taxes. It is important to remember that you are going to owe what you owe, so if you overpay, it will be refunded to you. Many people see this as better than having to pay in before April. The other approach says that the extra money is yours and could be better used by you or invested by you during the year. Why, these taxpayers ask, should the IRS have your money for the year?
The other mandatory payroll deduction besides Federal and State taxe...