Types of tax withholdings
Federal taxes
- Federal Income Tax - Based on your income level and W-4 form elections
- Social Security Tax - 6.2% of your gross pay (up to the annual wage base)
- Medicare Tax - 1.45% of your gross pay (additional 0.9% for high earners)
State and local taxes
- State Income Tax - Varies by state; some states have no income tax
- Local/City Tax - Applicable in some municipalities
Where to see tax withholdings in MyTruv
Tax withholdings show up in the Taxes bucket of the Income breakdown card on the Income view. Expand it to see the individual line items your payroll provider reported - Federal Income Tax, Social Security (FICA), Medicare, State Income Tax, and any local taxes - each with the amount withheld for the selected period. You can also switch the breakdown between the most recent paycheck, year-to-date totals, and older paychecks to see how withholdings change over time. For how to get to the Income view on each platform, see the Income overview. For the full deduction list on a single paycheck, see Viewing your pay statements. For how the Taxes bucket fits alongside the other deduction categories, see Understanding your deductions.Are your withholdings correct?
If you’re consistently getting large tax refunds or owing money at tax time, your withholdings may need adjustment. You can update your withholdings by submitting a new W-4 form to your employer.MyTruv displays your withholdings as reported by your payroll provider. For questions about your specific tax situation, consult a tax professional.