 Can i claim 99 dependents ? |
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And I didn't bring all my income info. Will they find out and who would i owe the money to, The government our the tax place
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 Can I claim head of household? |
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James U | I think I'm getting screwed. I was hired to a job at 25k a year. But I got my 2nd paycheck and? |
I'm being paid biweekly. The initial amount was 965.15 for payment. But after they removed taxes and retirement, I was left with 672.74. This works out to a little over 300 a week. Making it about 14k a year. I'm losing 11k to taxes and stuff...is this right? I claim as single and no dependencies. |
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Yep!
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Actually your net pay comes out to about $17,000 per year.
If you are claiming single and no dependants, then you are having the highest amount withheld from your paycheck. If you live on your own (you don't live with your parents, etc.), then you can claim at least one allowance on form W-4. This will reduce your federal withholding a bit. You are allowed to file a new W-4 with your employer at any time.
Look at your pay stub. Anything deducted from your check should be listed there and described in detail. Keep in mind that retirement funds withheld from your paycheck is YOUR money. You will eventually get it back. If it's part of a 401k plan and your employer matches all or part of your contribution, then it's like getting "free money" by participating in the plan. You can wait until retirement to withdraw the money, or if you quit, you can "cash in" your retirement. Keep in mind that most retirement deductions are pre-tax....that means you will pay tax on that money if you withdraw it before retirement age (plus a 10% penalty).
Keep in mind that you might get a refund when you file your tax return next year. What you owe in taxes is a result of your total gross income minus any deductions If you don't own a home (i.e. pay mortgage interest) you will likely take the standard deduction and personal exemption.
It's usually better to get a refund rather than having to pay additional tax. Unfortunately, the government doesn't pay you any interest on your money that they've held.
(Yes...people do feel screwed when they see how much is taken out of their paychecks by the government. Just think how people would feel if they actually received the entire gross amount and had to write a check for every one of those withheld amounts every two weeks. Think we'd be letting our congressment waste our money so much then?) |
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notmyrealname
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you're not getting screwed. when they talk about pay, they're talking gross pay, not net. |
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IrishEyes
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Unfortuantely, it is right.
Why do you think Washington politicians live so well? ;) |
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pooh
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yes tis is right. you can change your w-4 and claim a dependent but you will owe at taxtime. |
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practicalwizard
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sounds about right. 25k isn't much. |
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doogan
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welcome to reality. i wouldn't say you are getting screwed any more than me or anyone else. you need some deductions. if you buy a home, you can deduct interest. if you have biz related expenses - you may be able to deduct things like computers, internet service, cell phones, mileage, etc. talk to your accountant. there's ways to work within the system to save money. just do it legally. |
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BoomChikkaBoom
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25 000 / 26 = 961.53
Claiming Single Zero is what is killing you.
It's not dependencies, it's exemptions ... and you are entitled to an exemption for yourself.
Fill out a new W-4 form and claim Single One. Your take-home pay will go up. |
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Geico Caveman
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Welcome to RL.
You'll need to learn to budget between pay periods.
Give yourself an allowance per week, and save the rest.
Good luck. |
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I'm Gonna Tell You
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This is how the ball bounces unfortunately. Dependants do not gain you that much more, if you really have dependants. You're still making out better in the grand picture because a wife and kids will cost you WAY more than what they give back to you (in taxes that is.) as opposed what they take out for taxes and social security. Welcome to being an adult. Isn't so great now that you're here; is it?
Now you know that you'll have to negotiate more later when you have more experience in your field. |
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laughter_every_day
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Social security tax alone takes a big chunk of wages and that chunk is dependent solely on income, without regard to your w-4. Another big chunk is income tax. At 25k per year it probably runs around 10 percent or so. Then you mentioned retirement. If that is in addition to the social security, then that is an additional chunk. Read your pay stub. It should tell you exactly how much was withheld and exactly for what purpose. If you think it is wrong, find the appropriate person or department in your company and ask (politely) if they would explain each one. Income tax withholding is based on charts and formulas the depend on the income, and the w-4. If you find that the formula withholds too much, because you have extraordinary deductions for instance, then you can fill out a new w-4 and have less withheld for income tax. |
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sexytrojan
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Yep, that's right. You'll get it back when you file your taxes.
To get more money in your net (take home pay), claim 2 dependents, and you'll break even at tax time.
Also, contribute to your company's 401(k) plan to reduce your tax base. Contribute the amount equal to the full match that the company offers. For instance, if they match up to 4% of your investment, you contribute at least 4%. That's free money. It will sting at first, but it will benefit you more in the long run. |
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Beau R
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Yeah, you are in line with the rest of us that the government is giving a hosing to. |
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OC1999
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Yep..Sucks doesn't it
The 25K is your Gross and what they hire you at. The 14K is your Net or "Take Home" Pay. |
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The Big Achiever
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What I say to people in my home-based business is, add 3 or 4 dependents and you'd see a difference in your paychecks. This extra money is what they use to run their home business. On average it can cost about $130-160 monthly. Most of them like to say upfront that "I can't afford that". I simply give them that answer and they see the big picture.
My advice to you is to start a home-based business of your own and the taxman will surely smile on you.
If you'd like to know "What to look for in a home based business and how to evaluate an opportunity, feel free to give me a call at 784-455-1120 and I'll lead you to such help. |
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