I make pretty good money, but you wouldn't know it by my paycheck. I get 1/3 taken out of my check for taxes and health care expenses. What can I do, besides buying a house because I can't afford it yet with 1/3 of my paycheck being taken out, to have less taxes taken out? I am a single woman with no kids and own no property. Help me please.....
2006-07-13 02:26:40 · 13 answers · asked by spclo23 2 in Business & Finance ➔ Taxes ➔ United States
The tax withholdings depend on:
+ your gross salary
+ any pre-tax deductions (HMO, 401(k), etc)
+ how many exemptions you claim
Things you can do to have less tax withheld:
+ increase pre-tax deductions (e.g. maximize your 401(k) contribution)
+ increase your exemptions claimed. You can claim additional exemptions if you have deductions to support them (e.g. mortgage interest, real estate taxes, etc.)
2006-07-13 02:35:11 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Increase the number of deductions you are claiming. Your employer will have the form needed.
Remember the amount taken out of your check has no bearing on the amount you will own on April 15th when taxes are due. The amount that is taken from your check represents payments towards that total amount due based on your 1040 tax form you mail to the IRS each year.
If too much is taken from your check.......you get a refund.
If not enough is paid from your pay check....you will owe more.
Look at your last year's tax return. If you received a good sized refund then adjust the amount that is being taken from your pay check. If you had to pay in more, or it was real close, don't make any changes.
2006-07-13 02:37:14 · answer #2 · answered by Gregory B 3 · 0⤊ 0⤋
You want to file a new w-4 to change your status. It all really depends on you situation. If you want to just even out at the end of the year, you can claim married and 3 dependent, and have more for the holidays. I'm sure that enough was taken out since u were single more than half the year between you and ur now husband. You'll be fine on the tax season. A quick figure is to total up ur yearly amount and have at least 30% of your income held back for taxes to be safe.
2016-03-15 23:24:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Below is the IRS Form W-4 that will help you calculate what is right for you to claim. The form is setup so that when answered truthfully, it will have you withholding the properer amount of taxes from your paycheck. You want to come as close to breaking even as possible when you file your taxes. You don't want to owe an if you are getting a large refund, you have just given the IRS an interest free loan for the year.
2006-07-13 04:50:16 · answer #4 · answered by accountant 3 · 0⤊ 0⤋
First, goodday is an idiot. Nearly all employers are required to withhold taxes, regardless of immigration status. How would an illegal immigrant explain to their employer that they don't have to withhold taxes? "Um, boss, I'm an illegal which means you're breaking the law by employing me but the good news is that you don't have to withhold taxes so I get a big tax break."
The real question is how much do you end up paying/owing when it comes time to file your taxes. If you end up getting a bunch of money back each year (probably unlikely given your lack of deductions) then your exemption election is probably too low. Talk to your employer and have them adjust this (increase exemptions). If you end up paying then don't make any changes or you'll end up with an ugly surprise on April 15.
2006-07-13 02:35:54 · answer #5 · answered by Oh Boy! 5 · 1⤊ 0⤋
claim more dependants. Claim like 3 or 4 instead of 0 or 1 but you will owe more at tax time and no refund.
2006-07-13 02:30:23 · answer #6 · answered by Mama R 5 · 0⤊ 1⤋
when you started you filled out a form. It's a "W" form but I can't remember which. You should be able to ask your employer, change the # you claim, You don't need to have children to change that #. But be careful because at tax time you may owe $$
-Good Luck
2006-07-13 02:33:28 · answer #7 · answered by COLE 3 · 0⤊ 0⤋
My suggestion would be to file a new W-4 with your employer and if you are filing Single with Zero Exemptions you should change it to one exemption. I would not suggest two exemptions because then you will likely owe taxes at the end of the year.
2006-07-13 02:32:18 · answer #8 · answered by Thrasher 5 · 1⤊ 0⤋
You will just have to pay it all back again at tax time if you don't have it taken out now.
2006-07-13 02:30:44 · answer #9 · answered by margarita 7 · 1⤊ 0⤋
Claim more dependants (but be aware that you may end up owing money at the end of the year).
2006-07-13 02:30:54 · answer #10 · answered by Rather Notsay 2 · 0⤊ 0⤋