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| *The Commerce Journal>>>Canada Taxes |
How can I make sure my employer is taking tax off my paychecks correctly? |
I'm only 15 and work at McDonald's, and I don't trust that they are taking taxes off correctly, how do I make sure? And if I catch a mistake what do I do? I'd assume you will need a Canadian answer. You can actually check the CRA website regarding deductions - they have an online calculator that at least covers the federal deductions for you: http://www.cra-arc.gc.ca/eservices/tax/b... If you don't understand after comparing the information, then you should ask your payroll person to explain it to you. ask whoever does payroll to explain it to you look at irs.gov to see what you should be getting taken away ask your parents to ask whoever does your taxes every year Check the IRS website - they probably have tax estimators there that will give you an idea of the taxes that should be withheld. If you do find an error, you need to report it to the appropriate payroll representative as soon as possible. But frankly, McDonald's is an established enough employer that I would trust them to be doing it correctly. You can look up the IRS Circular E, which lists how much federal withholding tax should be withheld from your paycheck depending on the number of exemptions you claimed on the W4, how much you make, and how often you are paid. If you have a state or local tax, each one will have it's own version of a circular E, and some cities are a flat percentage. Social Security/Medicare tax will always be 7.65% of your gross pay. With a company like McDonalds, if there is any mistake, it is a very small probability that there is an error in the calculation. If there is any error, it is more likely to be made when your W4 is entered. Your check stub may show the exemptions that were entered, or you can ask the store manager. So you don't have to accuse them of being wrong, you can tell them you need to know what you are claiming now because you are thinking of making an adjustment to your tax. Well you will need a Canadian tax answer to a Canadian question....We don't have the IRS we have Canada Revenue Agency, I've included the website for you and you can actually use a program on there, under business, payroll, calculate deductions to check for what you are asking. However, McDonalds is a big company and uses a payroll company to do it's payroll, so I'm going to assume that the correct amount of tax is being taken. However, you are under 18 years of age, when you filled in the TD1 I hope you made sure the information for your SIN and date of birth are correct because you should not be remitting CPP (Canada Pension) and you should not see it as a deduction on your pay stub. You will however see EI (employment insurance and taxes (maybe some incidentals like vacation pay 4% and possibly clothing etc.) The deductions program is very easy to use and you will have fun checking your paystubs I'm sure. http://www.cra-arc.gc.ca/menu-e.html... |
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