 Stimulis check interception? |
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 If I own a business can I use both mileage and vehicle costs? ( gas repairs, etc? |
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 How should I do my taxes? |
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 What are the advantages and disadvantages of having a flat tax? |
It seems like a good idea to me, but as an economic centrist, I prefer to weigh all the options before deciding what I like.
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That was TAX, not CAR.... |
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 How can I find out how much taxes I will owe if I withdraw from my IRA of $70,000? |
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I am 68, with low income which is less than $17,000 per year. No state taxes.... |
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 My husband is self-employed and "hires" a few guys to help him but he doesnt take taxes out of their checks.? |
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 Can two people who live with the same child claim that child? |
| My boyfriend and I live together, but we aren't married, our daughter lives with us. Can we both claim her since the person who she lives with 50 percent could claim her? Since she spends all ... |
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 What is the penalty for over withdrawl on an IRA? |
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 Hom much is petrol in the area of the uk you live in?? |
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It's £1.009 a litre,at Welwyn Garden City Today!... |
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| Do i need to pay tax if i am selling used items on eBay? |
| I am In the UK England And am selling 10-20 things a ... |
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 I owe federal tax, why? |
| My sister earn a little more than I did and she's getting back little over $1000, and I owe the federal $439 dollars! WTF!!!! I bought a brand new car in 2006 and I included it on the 2007 taxes,... |
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chipvoid | My wife and I both claim zero on our taxes yet we will owe $2,600...why? |
Ok, so, last year we both claimed 2 and ended up owing $3,000 in state and federal tax combined. So we immediately changed our withholding to zero for state and federal. However, looking at our paystubs more closely we are realizing that the amount withheld barely increased and certainly won't add up to $3,000 being withheld.
So, I went to irs.gov and used their withholding calculator and it said we are on pace to fall short by $1700 this year. I haven't figured state but it will be the same as last year as well ($1,000+).
Why is this happening? Why is it that everyone we work with that claim zero's get thousands of dollars back and we end up owing thousands? Obviously we will have to add $ to the "extra amount you want withheld" box on the W-4, but it seems absurd that we have to have an extra $250 taken out just to barely meet our tax obligation! I've never heard of anyone having to do this either. What is wrong here?!
We file jointly and don't have kids or a home...
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wartz, you're a jackass |
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Steve
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Without knowing the details of your total income and deductions, no one can really give you a great answer.
Take the time to review IRS Publication 15. This is the publication that your employer uses to determine your tax withholdings based upon your W-4. Find the similar publication for your state as well.
Plus, you can't judge your situation with your friends, neighbors, and coworkers. Their situation is not the same as yours. |
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michgrad04
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You have to remember that each individual employer witholds taxes from your check based on solely your income and the tax bracket into which that places you. With your spouses' income combined, the two of you are both put into a higher tax bracket than the one from which your employer is witholding at.
One possible solution, would be to change your status to single (the staus on your W-4 in no way affects how you file your taxes, it is simply the withholding rate) Using the extra amount withheld slot is another option,but there may still be a root cause for your under-withholding. Perhaps you should double check the figures with your employers' accounting department.
Double check to ensure that all of your applicable deductions are being calculated correctly. I've seen this mistake far too many times. It seems like a simple error, but one that will cost big time.
While it will only affect your federal taxes, remember that certain financial transactions (such as cashing out a 401k) carry with them severe tax penalties, that are not always accounted for in withholding.
One last suggestion would be to calculate the figures for your spouse and yourself to file separately. So many people assume that it saves money to file jointly, but this is not always the case. WIth dual incomes, it is possible to pay less taxes by keeping both individuals in a lower tax bracket, rather than combining to jump into a higher one. Based on your claim of two dependents, play with the figures with each side to determine which would be more beneficial to claim the children. |
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Judy1
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If both people make somewhere near the same amount, and it's over $30K or so for each of them, the withholding tables don't work well and don't take out nearly enough. That might go back to the days with a lot of one-income families, or if there was a second income it was typically much smaller than the first.
You're doing the right thing by figuring out about what your tax will be and having extra taken out. |
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travelguruette
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It doesnt sound like you have any deductions. You dont know what your coworkers deductions are? Home ownership makes a hugh difference in taxes, especially in high priced homes. |
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mechefromdabeach2k3
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If there are any sources of income without tax being held back, youre in for a big hit come april 15th.
Thats quite a hit however, and yes thats unusual. You should break even more or less with claiming 1 a piece. You should possibly analyze your bracket and see if perhaps filing jointly is pushing you both into a certain range. You may want to try filing individually.
Idk if you are using software but You might want to get a second opinion. |
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Lady Kay
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Your combined income is putting you in higher tax bracket than everyone that you work with, and you aren't using any deductions... children or interest paid on a home. Are you sure that you are getting all your deductions? Are you or your wife taking any classes or paying on student loans? Either would be tax deductible, even if you do not itemize. Have you considered investing in an IRA? That would give you another deduction. You can read the rules regarding IRAs at www.irs.gov, key word pub 590. Contributions to a medical savings account or health savings account are also deductible. Energy efficient improvements to your home can be deductible. Of course having extra money taken out of your pay will help, but there are other options, Maybe you guys should speak to a tax advisor to get some additional suggestions. |
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Jss
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Normally, if you both have 0 on your W4 you should not owe income tax unless you have income from other sources.
May be you should review your tax return.
Else, if you post your total combined income, filing status, deductions, then some one can tell you your tax. |
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Ms. Angel..
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I personally have an extra $25 taken from my paycheck. I claim zero on my W4 and have my spouse claim 2. We usually get $900 to 1300 refund every year. I have my spouse claim two since his wage a lower than mind.
I will rather have a refund than have to pay, regardless of what everyone says: "why let the government make money off of you"
I too know that people end up with twice as much refund as I do how they do it beats me. |
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wartz
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Because it was not enough |
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