heysifti
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your best way to make sure you don't owe... claim zero for one (or both jobs). I used to claim 1, and I owed... but it was only a hundred dollars or so.
Turbo tax is a great source when you're ready to file.
good luck. |
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beecher
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If you do not have anything to write-off, ie interest on a mortgage, you probably will end up paying some. My advice, because you are so young and have no dependants---next year, claim 0 all year. You will have an ever so slightly lower check each week, but you will definitely get back on your taxes. That little chunk could be considered savings, and you could use it for a project, or perhaps, a down-payment on a car. Welcome to the wonderful world of TAXES!!!! |
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alwaysmoose
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If you claimed one you could end up owing. If you don't own a house, you most likely will be owing. Go to the post office or library and get a tax pamphlet. Compare your tax owed from the table with your total withholding. If you withheld more than you will owe you get money back. |
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houghchrst@sbcglobal.net
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I hate to say this but the tax laws change every year. Get your taxes done by a reputable firm. There is a book that you can probably get in the library called Taxes For Dummies 2008. I love the dummy books LOL. Good luck. |
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Lantern Bearer
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Your ignorance of finances is very fixable but not in a forum like this. Find your way to the book store and then then to a community college for a tax class. |
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Roadkill
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Times running out. You need to download the estimated tax forms from the IRS see if you need to pay estimated taxes before Jan 15th. If not you've got till April 15th to get your taxes filled.
If after going through the forms you owe estimated taxes you need to get that paid. If you have not had enough taxes with held and wait until April 15th then you might also have to pay a penalty on top of your taxes. |
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bostonianinmo
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Without all of the numbers it's not possible to give an accurate answer.
What I can say is that with 2 jobs and that much income, claiming Single and 1 withholding allowance on your Forms W-4 will very likely result in a significant tax bill at filing time.
Your tax liability is about $14,986 based upon what little information you have provided. If you had less than that withheld, you will owe at filing time. Using IRS Pub 15, your Federal income tax withholdings should be in the region of $10,648. That leaves you with a tax BILL of $4,338 to pay.
There may well be penalties and interest added on to that unless your tax liability last year was at least whatever was withheld from your wages this year. You can minimize the penalties and interest of you make an estimated payment using Form 1040-ES buy Jan 15th. Send in the 4th payment coupon and send enough to bring yourself over by about $1,000. You'll get that back when you file and that will hopefully be enough to stave off the penalties and interest. |
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kimberlyj1758
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so you made 83 for the year. you just have to hope that they took the right tax amount out of your gross income. tax books are available at library's. play around with them. they are free. try short form 1040ez. then try 1040 long form if you have deductions. gas, mileage, clothing,phone, home office,dry cleaning, ect good luck if you see that you have to pay up your claim deduction to 2 next year |
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Stephanie W
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http://www.taxbrain.com/taxcalculator/default.asp
They will let you plug in the numbers off your last check stub just to give you an estimate. It is free. Very easy. |
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pandorasbox40
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OMG ,you have made over 80,000 with one dependent,yes you are naive lol sorry to say you are going to have to pay alot:( you should go to H R Block or some where dint try to do this yourself.they may find deductions that you wouldn't find! |
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JCA
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No easy formula. You kidding? This is "government" nothing is easy. Relax. When you get your tax forms from your employers go see an agency that prepares taxes. H&R Block is the most popular but there are others. I'd stick with a "known" company. Besides H&R Block has certain guarantees in case they make a mistake you will not be penalized. They pay the penalty if it's their mistake.
Be prepared to ask many questions. Remember one thing: There are NO STUPID questions when it comes to saving every penny you can. Don't be embrassed to ask "Why not?" when they tell you something "is not going to be so". Let the tax preparer define and explain why something is being deducted and some other similar thing is not being deducted. Remember it is YOUR MONEY. They get the flat fee for preparing your return. Do Not Let the IRS prepare the taxes for you. |
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ARTmom
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You probably will get a minor refund-and not owe. You sound like you don't have a house payment to deduct etc but as soon as you get your taxx pp from jobs, take them down to H&R block. They guarantee and cover you if you are audited etc-It r7uns about 3-450.00 for my hubby and I. We own a home etc-but he makes about 90 thou a year and we usually get back about 10,000.00. It all depends on your deductions-they will walk you completely through it and have been great with us. Yours should be fairly simple. |
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diamondjim
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The best thing you could do is make an appointment with a CPA (Certified Public Accountant) He/She will tell you everything you need to know/do for your Income tax payments. |
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MommyDaddyYouandI
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your best bet is taxactonline.com...it's only about 15 bucks for state, fed, local AND e-filing and is very thorough & guaranteed...good luck |
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King$mity
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http://www.taxinfoblog.com/ |
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keltillos
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There is no easy formula and lots of things that will effect it.
Go to your current employer(s) and ask to file new W2 forms. On the line that says "extra amount, if any, that you want withheld from each check"...put something there...I usually go with $10 or $15. This money is held along with the rest of your taxes. Then, when you get your refund, it is all paid back to you. This way, you are much more likely to get a refund if your taxes are high, and your refund will be larger.
I use the money to buy new clothes every year. |
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arch571332
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If you want to play the tax game then you should claim your total income if you have two jobs. Look up H & R Block on the internet, they do taxes. Follow this link to a store locator and ask a professional http://www.hrblock.com/
If you are a meek individual your should just pay your income taxes and not argue especially if you know so little, but just FYI Federal Income Tax is a fraud.....four more parts on youtube to the link below.
http://www.youtube.com/watch?v=_dmPchuXIXQ&feature=related
and heres another
http://video.google.com/videoplay?docid=-1656880303867390173
If you really don't know anything about taxes just play by the rules, I would hate to get you into trouble but I am trying to get the word out. |
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soadlab
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Go to H&R block, they are the only ones that can help you exept for someone that knows everything about you and your money, no one here can answer this for you. and you are not naive...It's tricky for everyone, that's why people hate doing them. |
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TexasGirl_300
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taxes gosh don't even say taxes infront of me! :) |
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