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Asked 12/13/2007

INCOME TAX NOT WITHHELD

I received a retro active retirement direct deposit into my checking account for $1,610.00 but no taxes were withheld so what percent or how much I should I hold out for Income Tax purposes when filing next year?

 
 
 
 
 
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Answer 1/1 - Submitted 12/18/2007

The general rule is to set aside 20 percent of the amount you received. Your total income tax will of course depend on your total income.

 
 
 
 
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