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Printable Form 1040 (Schedule H) Centennial Colorado: What You Should Know

The tax is supposed to be based on average wages per calendar year, and it's one more way the U.S. makes sure that everyone pays their fair share. For years, the Social Security Administration has assessed the same tax. There has been talk about phasing it out — but it remains in effect for some time. This year, there is a change, as the tax is now a tax withholding tax, not a social security tax. Colorado's tax rates for workers, as well as their families are among the highest in the nation. Some Colorado taxpayers get more — or less — than others. For the 2023 tax year, a family that has two workers will pay a combined tax rate of 31% — and the worker's family will pay a combined tax rate of 25%, to say nothing of the individual payer. Form 942 (Social Security Tax) (Form 941) (Paid Wages) (Form 1040) Tax Year Individual Rate Married Filing Jointly Rate Married Filing Separately Rate Tax Under 14,000 28.0% 0 12,700 1.44% 0 3,600 A social security income tax, or federal withholding tax, applies to every wage payment that leaves your hands (or, if you're married filing a second-tax return, that leaves your hands). The rate is based on your filing status (married filing separately, or married filing jointly) and family income. Some people claim that withholding taxes are a burden on them because the amount is not shown on their tax return. In most cases, withholding taxes are calculated based on the amount you receive from Social Security and Medicare. Your rate is adjusted by income, so if you have a large income it may be higher than the rate listed on your return or tax form. If you work for a federal government agency or a non-profit, you do not have to pay the tax for the year. You can also claim a reduced amount, or not withhold the tax at all — these are the “standard” rates for social security. Social Security taxes are due each or every April 1. You cannot take credit for prior payments. Income Limits  If you fall within any of these income limits for Colorado tax purposes, social security tax is deducted from the amount you receive in wages.

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