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oh! Understood! So the payroll system likely assumed a tax rate based upon the two week estimate of my annual income, and will likely do the correct job later on as income rises to normal level! Thank you so much
Apologies that $844 number was my pay for 1.5 days worth of work, two weeks is ~$5,000 - but okay awesome! Thats exactly what I was looking for :-) thank you!
Apologies for poor communication, yes I'm aware of the effective/marginal information, I'm just wondering whether employers will withhold all these amounts, e.g. When the total income I have accrued exceeds $84k in a given month, will my employer continue to withhold only ~13%, or will they withhold the correct 22/24% thereafter?
@quid The first paycheck amount was for 1.5 days of work before payday, I was paid $733 of $844, $112 went to various taxes - and yes! Aware of marginal/effective difference
I read "Deposits Of $10,000 Or More If you make a cash or check deposit of $10,000.00 or more in one transaction, then the bank must make you fill out and file IRS form 8300. This form is also required when any related transactions made within 24 hours of each other total $10,000.00 or more, or money transactions between two parties that total $10,000.00 or more. This law was primarily created to allow the IRS to detect money laundering by criminal elements, but it applies to anyone making these types of deposits." - then again they haven't made me fill anything, also I don't have a tax ID
@TTT it was supposed to be split between 3-4 people but university took over a year to split it, so we just asked for it to be disbursed to one person - i.e. me. $10K the full prize only given to me!