My w2 are incorrect i filed two dependents and they did not take out 10 percent in my federal?

Question

i owe the irs and i did not think to check it. this is my first real job a whole years worth of work.

Answer 1

you need to file with the w-2 the way it is. if you feel that you need more tax withheld on your salary, change your exemptions claimed from 2 to 1 or 0. filing 0 is withholdinig at the maximum rate. you would not owe any tax this way.

Answer 2

If your W-2 shows what was actually deducted, it's not incorrect. If you didn't have enough taken out, revise your W-4 with your employer so the same thing doesn't happen for 2007. For this year, you're stuck with paying what you owe.

If you can't pay it all by April 17, then file anyway and send in what you can. They'll set up a payment plan for you for the rest of it and you'll pay interest.

Answer 3

You need to change your W-4 (the state one too). Where did you get the idea that if you indicate 2 "exemptions" that they will deduct 10%?

You should have noticed that there wasn't enough when you got your 1st paycheck. Don't blame your employer - it's your responsibility and if you have to pay, change it for next year.

Answer 4

It is your responsibility to check. If this is the first time you had full time job and if you have at least paid taxes this year that were at least100% of taxes that were owed last year, you may be exempt from tax penalties. Check it out with an online tax prep service (some free ones) at http://www.redtagdeals.com/tax_preparation_online-coupons and figure it out. You may be exempt from the tax penalty!

Answer 5

Sorry, you're SOL. Your W2 is correct. It's your W-4 that needs to be changed. Get with whoever does your company's HR, and fix it. If it was correct, and they goofed by not withholding enough, the IRS may be able to give them a beating, but you're still going to have to pay up.