I'm recently single after 14 years of marriage and taxes are now taking HALF of my paycheck each week, totaling a little over $600. It's KILLING me and I'm afraid I may have to move out of NYC within the next couple of months because I simply can't afford these taxes anymore. I don't have small kids and I can't deduct ANYTHING and I don't qualify for the slightest credits, but a neighbor, who makes about 30k per year constantly gets between 3-5k in returns each year where I'm lucky if I get $80 bucks after having paid well over 15k in taxes. What's wrong with this country?
2007-02-14 05:39:14 · 4 answers · asked by cause-n-effect 2 in Business & Finance ➔ Taxes ➔ United States
If your neighbor has a couple kids, he'd get exemptions and credits for them, plus be eligible for the earned income credit, so would pay less taxes than you if you make around the same amount but don't have dependents.
The important number though is how much your tax is, not how big a refund you get, since you can get a bigger refund anytime you want by just having more deducted out of every paycheck - that wouldn't make much sense.
2007-02-14 07:32:52 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
well you neighbor is a fool. They are having too much taken out of their check and if they are getting $3600 back at the end of the year, they should have $200/month less taken out. Why is he loaning the government money interest freee?
Well in NYC is you are paying over 50% in taxes than you are making a lot. Maybe you are including other deductions like 401K and medical deductions?
If you are paying $15K in taxes and only making $30K (i.e 50%), then you need a new tax guy/program.
2007-02-14 05:47:39 · answer #2 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋
hmm... what does the neighbor do that you don't?
Does he have a mortgage, then that's a tax break... sorta.
student loan?
charity?
401K or retirement accts?
medical bills?
Does he have kids?
There are lots of ways to reduce your taxes but you can't have both worlds dude.
I have kids, yeah, they're a pain sometimes and they cost a fortune to raise. I didn't have them for tax reasons, but it's nice to get a nice return at the end of the year.
So either way it's not easy.
2007-02-14 05:50:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can check your W-4 with your employer and make sure they have the correct info.
2007-02-14 08:53:39 · answer #4 · answered by growing inside 5 · 0⤊ 0⤋