April 15, 2013 (USA)

Mine are done, and the refund back and much of it spent!

Luckily I did them the first week of March! :D
 
Thanks for giving everyone the reminder!

Mine were done in mid-February!
 

You, guys in the States you have 15 days advantage over my country (we have 31st March deadline) ;) probably you have higher profits and thus you need more time to count them all 😃

I wish that were true!

How do you file Income Tax? I mean, in my country, if you are an employee, an employer files the Tax instead of you. Entrepreneurs have the two options, either they will file till 31st March themselves or they file through a tax advisor till 1st July.
 
Just curious.

Employers take out a certain percentage of income (withholding) to apply towards the employees taxes. The percentage of withholding is based on the amount of dependents that the employee has declared. By the last day of January, the employers are required to have sent all employees a W-2 form which shows the employee income and the Federal and State tax withholdings. If the declared dependents is correct, the taxes will break even and the individual will owe and receiving nothing. If too much taxes were taken out, the individual will get a refund. If not enough were taken out, the individual will get a refund.
 

@ wrote:
Employers take out a certain percentage of income (withholding) to apply towards the employees taxes. The percentage of withholding is based on the amount of dependents that the employee has declared. By the last day of January, the employers are required to have sent all employees a W-2 form which shows the employee income and the Federal and State tax withholdings. If the declared dependents is correct, the taxes will break even and the individual will owe and receiving nothing. If too much taxes were taken out, the individual will get a refund. If not enough were taken out, the individual will get a refund.
 

Also, we have to file the paperwork with our employer to determine how much to withhold for said taxes.. if we do not guess the right amount, we can end up paying too much (we get a refund when we file) or too little (We have to pay more....).  It is up to every individual to do all the paperwork and calculations for it... which is a major headache and hassle.  (It was worth the headache and hassle for me though... I got money back when I filed my paperwork)

Thanks Corey & David for the explanation. We have more less the same procedure except that we don't have to determine the withhold taxes amount. The withheld amount is calculated by gross wage + health and social insurance = total gross wage * 15% = the withheld tax.

Question for you, Pegas: How is health insurance tax calculated?

Corey, it's actually 13,5% of the gross wage with this that 4,5% pays an employee and 9% pays an employer. 

Ok. Thanks!