i work 2 jobs and made 45,000 last year and claim 0 how do i not owe the irs?

Question

i did my taxes and i filed a 1040 for my 1099 now i owe 1200 with state and federal how is that possibel i dont want to have to pay at all i have no property i rent i work to jobs to live help me some one and the legal way

Answer 1

The reason you still owe taxes even though your W-4 is withholding at Single - 0 is because you worked two jobs last year. The withholding tables assume that the earnings that you have withholding on is the only earnings you have for the year. You said you worked two jobs. Say that you earned $22,000 from Job 1 and $23,000 from Job 2. When Job 1 calculates your withholding, it assumes that you only earn $22,000 a year. The withholding assumes that of the $22,000 a year you earned, you get to deduct the standard deduction and personal exemption off of that before they calculate the tax. When Job 2 calculates your withholding, it assumes that you only earn $23,000 a year. The withholding assumes that of the $23,000 a year you earned, you get to deduct the standard deduction and personal exemption off of that before they calculate the tax. However, when you file your tax return, you are taxed on the sum of the two jobs $45,000 ($22,000 + $23,000) and you take the standard deduction and personal exemption only once. This, combined with the fact that at $45,000, you are in a higher tax bracket, results in not enough taxes being withheld and you owing.

What you need to do, if you continue to work both jobs, is to file a new W-4 and use the worksheet on page 2 for two jobs/two earners to figure out the additional taxes you must pay in.

Answer 2

You owe because you didn't have enough tax withheld from your pay.

When you have 2 jobs, they both withhold taxes as if that was your only job. They have no way of knowing about the other income.

You alone are responsible for ensuring that enough tax is withheld from your wages. There are 2 worksheets on page 2 of Form W4 that will help you to ensure that enough tax is withheld.

Since you owe $1,200, you'll need to have an extra $100 withheld each month to break even next year, assuming that you make the same amount of money from two jobs this year. You can split this between the jobs or have it all come from one employer. It's up to you, but YOU are responsible for this, nobody else.

Answer 3

Are you living in America?You made 45,000 and only pay 1200 fo stat and fed tax.You are very lucky and should not complaints.But if you are not sel employ and work for some co. then how much total you pay fed and stat tax?What is your tax rate?Did your employer deduct you play check for tax?All those need to know before help you.How to use this 45,000.?Are your job need you to take course,travel around,a lot of meeting ,need special insurance ,you lend money for your education your health care spent all those are tax deduct able.Do you have people depend on you.General way is build your tax shleder.If you really want to save tax legally I advice you to consult those .professional tax people.Good luck.

Answer 4

Did your spouse itemize or take the standard deduction? You have a tax liability of $6763 in that case. How much was withheld? You should change your W4 to "Married but withhold at the higher single rate" because MFS and Single have identical numbers for that range of income. _

Answer 5

Make sure you are filing Single and none. You are single and have no dependents. You don't own any property so you have no interest to claim. Perhaps you need to start putting money into a tax sheltered annuity or a retirement plan(do you have one at you job) That will lower your taxable income.

Answer 6

That's why you owe in taxes. You don't have deductions. When you become a homeowner you can deductible mortgage interest, taxes, some closing costs, and others. After you have a decent number of deductions you can also increase the number of exemptions rather than claiming 0. Talk with a tax specialist.

Answer 7

Your company took out to many taxes most likely .Go to them and have it fixxed for next year.

Answer 8

Simple, you work 2 jobs and are without any dependants, the government thinks you make too much money.

Answer 9

Wow! Thank you! I was asking myself the same question today