September 5th, 2011
I am normally taxed about about 21% of pay in taxes.
I?ve broken the $5,250 barrier allowed by the federal government on tuition reimbursement from my employer.
However, when I submitted my $1029.35 bill for tuition reimbursement here is how I was paid-
Total bill ? $1029.35
Federal Income Tax ? $257.34
Social Sec. Tax ? $63.82
Medicare Tax ? $14.92
MA State Tax ? $54.56
Amt paid to employee ? $638.71
Anyone know much about this? That?s close to 40% taxes paid!
Categories: Taxes
Source: http://www.finance-assistant.info/taxes/what-is-the-tax-rate-on-tuition-reimbursement.html
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