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Tax Deduction Consulting: Payroll Deduction Wilmington DE

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.

Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
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, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Fast Tax Delaware
(302) 427-2844
725 N Market St
Wilmington, DE
 
Colbert Ball Tax Ser
(302) 543-4631
800 Vandever Ave
Wilmington, DE
 
Greenbank Tax Service
(302) 995-0923
210 W Market St
Wilmington, DE
 
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Delaware Taxes Today
(302) 654-4848
712 N Market St
Wilmington, DE
 
Delaware Taxes Today
(302) 888-1976
712 N Market St
Wilmington, DE
 
Global Tax Management Inc
(302) 798-0294
Silverside & Carr
Wilmington, DE
 
Data Provided by:

Tax Deduction Consulting: Payroll Deduction

Payroll Deductions

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...

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