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Reply to "Taxes not witholding enough"
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[quote=Anonymous][quote=Anonymous]I'm having a lot of trouble with my taxes and can't seem to figure out why they never add up. Last year I had additional withholding of $100 a pay period thinking it would be enough (using the calculator). I just did our taxes and we owe $4500 AGAIN. I just don't understand why. Both of us work (standard W4s), married and own a home (5k in mortgage interest deductions from that). I do not think DH's employer is withholding enough. DH says that he put 0 exemption and married, filing jointly. Why aren't enough taxes being taken out of his income? Using the calculator it shows that he's underpaying by $3500 just for his salary. Also, even though he received a 10k raise in the fall, it shows he made less money in 2013 than 2012. I'm just so frustrated by the taxes! I would really like to fix this for next year to avoid penalties. What am I doing wrong? [/quote] If he got a raise did it put him into a new tax bracket? If he got a raise -- increase what you are taking out -- you do this -- employer does not automatically do this What are you taking out of your taxes? GET AN ACCOUNTANT! [/quote]
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