i busted my *** last pay period at work and ended up with them taking out 24% of my check in taxes when i only clain 1(single) i am not a rich guy and i want to know if they took out to much.
2006-08-28 18:50:44 · 8 answers · asked by jesse lee h 1 in Business & Finance ➔ Personal Finance
that sounds about right - we all are paying to much in taxes
2006-08-28 18:54:06 · answer #1 · answered by Norman 7 · 0⤊ 0⤋
You should probably set up to have pre-taxed income into a 401K plan and flexible medical spending if you have access to such a plan ... take out the most in a 401K that you can put aside which will reduce your taxable amount. The less you have taxable, the less your taxes. Now, don't worry so much about withholding taxes... try concentrating more on what tax deductions you qualify for like educational credits, home business credits, etc. If you don't have a home business, set one up. As long as you show intent to make a profit you can claim portions of rent, computer expenses, and more. You can even write off professional services like accountants and attorneys. You can also deduct charitable contributions to reduce your tax liability. Another thought is to get married and have alot of children. Dependants are also tax deductible as well as child care, etc.
2006-08-29 00:29:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you worked more than normal for that pay period you fall in a different tax bracket and more taxes are withheld. If you know in advance you will be working extra you can either request the less taxes can be withheld which you can do or ask for a separate check. Having a separate check will keep each check in a lower bracket rather than the one big check in a higher bracket. Make sense to you?
2006-08-28 19:01:41 · answer #3 · answered by C L 1 · 0⤊ 0⤋
If you got back money $3-5K from last year's federal tax return, you can claim more than 1 on your W-2. I was single and owned a house a few years ago. I claimed 5 on my W-2 to get more money in my paycheck each week. Of course, I got back $120 from my federal return that year.
2006-08-30 05:40:19 · answer #4 · answered by Steve R 6 · 0⤊ 0⤋
I get 26% taken off working 14hrs a day...and just got a $66,000 dollar tax bill in the mail...which I can't pay in a lifetime....time to move back into the woods and hunt for rabbits and grow lettuce.
2006-08-28 18:57:04 · answer #5 · answered by markus 4 · 0⤊ 0⤋
You can find the definitive answer here:
http://www.irs.gov/publications/p15/index.html
This IRS publication provides the proper withholding amounts for wages and salaries. It's listed by frequency of pay; monthly, weekly, bi-weekly etc, marital status and number of dependents. Based on the information you've provided, I think the amout withheld is accurate.
2006-08-29 01:47:08 · answer #6 · answered by Adios 5 · 0⤊ 0⤋
that's not much.
average people (i.e. not rich) get up to 40% taken out by state/federal taxes.
2006-08-28 18:59:28 · answer #7 · answered by chloe 4 · 0⤊ 0⤋
because the libberal scumbags in this country want all they can get from you.the more you make the more they will allways take
2006-08-28 18:54:47 · answer #8 · answered by bigrigdvr 3 · 0⤊ 1⤋