BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Federal Tax
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State Tax
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Social Security Tax
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Medicare
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Detailed explanation-1: -2022 Tax Brackets (Taxes due April 2023) For the 2022 tax year, there are seven federal income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your filing status and taxable income.
Detailed explanation-2: -For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. The information you give your employer on Form W–4.
Detailed explanation-3: -You might have claimed to be exempt from withholding on your Form W-4. You must meet certain requirements to be exempt from withholding and have no federal income tax withheld from your paychecks. You should check with your HR department to make sure you have the correct amount withheld.