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Reply to "2013 HHI and paid tax"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]$1.125 HHI $425K - Fed $68K state 32.6% effective Have '0' for both witholdings and still had to stroke a check for $90K [/quote] You need to increase withholding, you can specify a dollar amount. The IRS has a calculator that helps you figure out how much but you might want to hire an accountant at your income level. Don't you get penalties when you owe that much at tax time?[/quote] I would guess that a lot of this comes from partnership income or some sort of non W2 earnings. You're required to pay taxes on that as it's incurred b/c the employer is not paying it from payroll. I send quarterly checks into fed and state ... and it sucks![/quote]
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