Anonymous
02/14/2014 16:09
Subject: Taxes not witholding enough
Also how much do you have in capital gains, interest and dividends?
Anonymous
02/14/2014 16:09
Subject: Taxes not witholding enough
What is your combined income. Maybe you are hitting AMT.
Anonymous
02/14/2014 16:09
Subject: Taxes not witholding enough
Anonymous wrote:OP here- We're using turbo tax.
I assume that when you have 0 exemptions your employer should withhold the correct amount of tax for your bracket/income? Is this not correct?
Oh gosh, no! Talk to an accountant, please.
Anonymous
02/14/2014 16:04
Subject: Taxes not witholding enough
Anonymous wrote:OP here- We're using turbo tax.
I assume that when you have 0 exemptions your employer should withhold the correct amount of tax for your bracket/income? Is this not correct?
Not even close to correct.
Anonymous
02/14/2014 16:00
Subject: Taxes not witholding enough
OP here- We're using turbo tax.
I assume that when you have 0 exemptions your employer should withhold the correct amount of tax for your bracket/income? Is this not correct?
I assume that when you have 0 exemptions your employer should withhold the correct amount of tax for your bracket/income? Is this not correct?
Anonymous
02/14/2014 15:58
Subject: Taxes not witholding enough
OP, what state are you in? If you are in MD, there were some significant tax increases this year which may have negated your increase in withholding. If you consult with a CPA, make sure it is one who is familiar with your state.
Anonymous
02/14/2014 15:55
Subject: Taxes not witholding enough
Anonymous wrote: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?
something is not right here. zero exemptions and you still owe - even with mortgage deduction? even with the 10K raise in the Fall, no way you should owe that much.
are you using turbo tax?
Anonymous
02/14/2014 15:43
Subject: Taxes not witholding enough
Anonymous wrote:It is not the employer's responsibility to figure out your taxes.
It is your responsibility to talk to an accountant, figure out the proper withholdings, communicate that to payroll, and then LOOK AT YOUR PAYSTUBS to be sure it's correct.
I think it is OP's lack of understanding of this is what led to the problem. Hope it works out for her.
Anonymous
02/14/2014 15:35
Subject: Taxes not witholding enough
It is not the employer's responsibility to figure out your taxes.
It is your responsibility to talk to an accountant, figure out the proper withholdings, communicate that to payroll, and then LOOK AT YOUR PAYSTUBS to be sure it's correct.
It is your responsibility to talk to an accountant, figure out the proper withholdings, communicate that to payroll, and then LOOK AT YOUR PAYSTUBS to be sure it's correct.
Anonymous
02/14/2014 15:34
Subject: Re:Taxes not witholding enough
Anonymous wrote:How much do you donate to tax deduuctible organizations?
We donate about 1k a year to our charity and have some other deductions as well since DH was in grad school.
While DH received a raise last year his total wages decreased by 5k (no idea how).
I assumed employers take out the correct amount based on your witholdings that you check and salary? We both have very standard job situations.
Anonymous
02/14/2014 15:33
Subject: Taxes not witholding enough
Anonymous wrote: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?
We had a similar problem until DH changed the status on his W4 to "single"... now we get a nice refund every year.
Anonymous
02/14/2014 15:29
Subject: Taxes not witholding enough
Anonymous wrote: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?
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!
Anonymous
02/14/2014 15:29
Subject: Re:Taxes not witholding enough
How much do you donate to tax deduuctible organizations?
Anonymous
02/14/2014 15:27
Subject: Re:Taxes not witholding enough
I would talk to an account. At least to figure out the right way of doing this to avoid owning taxes.
Anonymous
02/14/2014 15:26
Subject: Taxes not witholding enough
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?
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?