Employers can use a wage bracket withholding table to compute federal income taxes withheld from each employee?

Each taxpayer whether an employee or an independent contractor self employed is the individual that is REQUIRED to and responsible for paying each ones own income taxes on taxable income that is received during each tax year. UNEARNED income can also be subject to the federal income tax amounts also and also state income taxes can be owed and due on taxable income. When you do have an employer the employer and the employee can agree to have some amounts for the federal income tax to be withheld from the gross wages salary etc for each pay period and in some cases the IRS can and will tell the employer to withhold a certain percentage out of an employees earnings for this purpose.

Usually an employee does fill out a W-4 form Employee's Withholding Allowance Certificate for this purpose and signs it and returns it to the employer. This amount that is withheld from the GROSS earnings is used as an ESTIMATED advance payment of the FIT liability that will be applied as a credit on the 1040 income tax return after the end of the tax year and could help to cover the FIT liability amount and might even result in being able to qualify for a REFUND of some of this withheld federal income tax IF the amount that is withheld is MORE than the federal income tax liability is when the 1040 income tax return is correctly completed during the next tax filing season. The employer is REQUIRED to withhold the social security and the medicare taxes from a employee wages earning for each pay period.

A self employed taxpayer is responsible for paying ALL of the taxes from the NET profit of the business income social security medicare and federal income tax amounts that might be due at that time. Hope that you find the above enclosed information useful. 03/15/2012.

I am suspicious you are being paid as an independent contractor and they are not withholding any taxes from your pay which means you have to file Sch C and probably SE as well with your 1040, and you will owe self employment tax you might go to www.irs.gov and find publications, find, # 17 either read it, down load it or order one at 1 800 829 3676 this should help you understand your responsibilities as a tax payer.

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