or there is nothing i can do cause thats the way it works here in this country? cause almost a third of my paycheck is gone on taxes everyweek? can i get it back in anyway??
2006-12-20 09:49:03 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
A third is not that bad. You can declare more exemptions and pay it back at the end of the year. If you always get a huge refund this will work well for you.
2006-12-20 09:52:13 · answer #1 · answered by Anonymous · 2⤊ 0⤋
A third of your paycheck taken out for taxes sounds pretty high, unless your income is quite high so you're in a high bracket.
Social security/medicare will take 7.65. There's not much you can do about that.
State and local income taxes vary by where you live, and can be anywhere from nothing to around 10%. If you live in a high-tax area, the only real way to avoid paying so much is to move, probably not a real good option.
For federal income tax, the amount withheld depends on your income and what info you put on your W-4 that you filled out for your employer. If you're having more withheld than you'll end up owing, you'd get a refund when you file your taxes. If you get a large refund, you might want to adjust your number of allowances so you get more in each paycheck instead, since a large refund means you gave Uncle Sam an interest-free loan that year. If you come out about even when you file your taxes, then don't change your W-4 or you'll owe next year when you file, and might be subject to interest and penalties.
2006-12-20 10:35:42 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Ask for tax break options for your job with your boss.There are some options in which they will take out less money now,but when you file your taxes next year you may come out oweing money.
2006-12-20 09:52:55 · answer #3 · answered by jill@doodle 5 · 0⤊ 0⤋
Change your number of dependants on your W4. You employer has this form for you and can make adjustments. You might have 0 dependants, might want to change that to 1 or 2.
2006-12-20 09:51:58 · answer #4 · answered by BEN 2 · 0⤊ 0⤋
change your exemption level to 1 or 2.. or the next one up from whatever you are right now... check your w2 (what you filled out when you were hired - ask your human resources person) and then fill out new w2 to change it. but don't be surprised if you owe taxes at the end of the year
2006-12-20 09:51:48 · answer #5 · answered by Caitlin 5 · 0⤊ 1⤋
Put money into a 401K and/or IRA
Donate to charties
2006-12-20 09:56:12 · answer #6 · answered by Darth Vader 6 · 1⤊ 0⤋
Support Republican candidates.
2006-12-20 09:53:03 · answer #7 · answered by Mad Roy 6 · 0⤊ 1⤋