Tax Day 2024 and How to Get an Extension from the IRS
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
Yes, Kentucky has local income taxes. You will see local taxes included in your results, when applicable.
There are 15 states with municipalities, counties, school districts, or special districts that impose local income taxes: Alabama, Maryland, Ohio, Colorado, Michigan, Oregon, Delaware, Missouri, Pennsylvania, Indiana, New Jersey, Washington, Kentucky, New York, and West Virginia.
To find your local taxes, head to our Kentucky local taxes resources. To learn more about how local taxes work, read this guide to local taxes.
There are 3 different methods used to calculate local taxes, it depends on the jurisdiction.
Most of these taxes are paid by the employee, but there are a few which are paid by the employer. This calculation process can be complex, but PaycheckCity’s payroll service can do it for you. Learn about PaycheckCity Payroll.
FICA (Federal Insurance Contributions Act) includes 2 taxes: Social Security and Medicare. Both Social Security and Medicare taxes are deducted from each paycheck to fund these important government programs.
In addition to withholding federal and state taxes, part of your gross income might also have to contribute to deductions. These are known as “pre-tax deductions” and include contributions to retirement accounts and some health care costs. For example, when you look at your paycheck you might see an amount deducted for your company’s health insurance plan and for your 401k plan. Pre-tax deductions result in lower take-home, but also means less of your income is subject to tax. Some deductions are “post-tax”, like Roth 401(k), and are deducted after being taxed.
In our calculators, you can add deductions under “Benefits and Deductions” and select if it’s a fixed amount, a percentage of the gross-pay, or a percentage of the net pay. For hourly calculators, you can also select a fixed amount per hour. For pre-tax deductions, check the Exempt checkboxes, meaning the deduction will be taxed.
In 2020, the IRS updated the Federal W4 form that eliminated withholding allowances. The redesigned Form W4 makes it easier for your withholding to match your tax liability. Here’s how to answer the new questions:
If your W4 on file is in the old format (2019 or older), toggle "Use new Form W-4" to change the questions back to the previous form. Employees are currently not required to update it. However if you do need to update it for any reason, you must now use the new Form W-4.
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!