Originally Posted by dpabst
#1;I work for two companies that are owned by one owner. I was wondering, by him splitting my 40 hours between both companies (my paychecks reflects 20 hours per each company) is this hurting me when it comes to filing my taxes.
#2;I seem to be paying taxes the past two years even thou I just bought a home.
#1;I do not think so aslong as hourly wage is constant( no change in your gross wage amount);I mean no change as it is same gross wage/withholding taxes.
#2;correct;your employer has withheld part of your 40 hours of gross earnings. Your employer is required by law to withhold employment taxes from you. He must also report and pay those taxes, plus more, to the proper government authorities.Social Security is a federal program designed to provide retirement benefits for elderly U.S. citizens. The program is largely funded by a payroll tax, known as the Social Security tax. This tax is a fixed percentage of your income, which varies depending on whether you work for an employer, or are self-employed.