ThomasM125
Expert Alumni

Retirement tax questions

It's likely the taxes that you were compensated for were social security and medicate taxes, which is about 15% of the gross compensation that you received. As an employee, you would pay half of that and the employer would pay the other half. So to be fair they would only have included an extra 7.6% to cover the portion they would normally pay. The rest you can pay when you file your tax return. In addition to that you need to pay income taxes which will typically be 12% or more. So, it in not surprising that you owe more tax then you were compensated for.

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