Reply to Huge (for us) tax bill. What went wrong?

Forum Index » Money and Finances

Reply to "Huge (for us) tax bill. What went wrong?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Are you making that income for the first time? Is it the first time you owe so much in taxes? How come you didn’t realize that your take home per pay period had increased by that much? 
25k is an insane amount to owe at that income. [/quote]

No, same amount last year and we owed $6k. So we adjust up and now here we are with $26k.

No investments minus 401(k). [/quote]

And you didn't notice that your take home paycheck was substantially higher than last year? The blame is entirely on you. 
I would understand if the difference was lower, $2k or $3k. But $25k??? There is no way you missed that on your paycheck.
[/quote]

So my take home wasn’t higher, in fact it was a little lower. My take home is approximately $4800/ pay period. After 401(k)/FSA/ etc my gross income was $170k.

[/quote]

If you didn’t change your income significantly or your tax withholding significantly something is being calculated wrong. How much was withheld from your paycheck compared to last year you can look at this year and last years W2 to compare.

On a per paycheck basis, 4800 net (assuming you are paid 24 times per year?) your gross pay from 190k should be 7916, minus your 401k/fsa you should have around 6850 taxable. So you’re paying about 2850 in other deductions (healthcare, dental, etc…) and taxes. How much federal tax is withheld from that?[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics