I made under $24K between both jobs, am single, no dependants, but it seems like I will be owing taxes...what am I doing wrong?
2007-02-20 20:17:53 · 5 answers · asked by sparky_girl 1 in Business & Finance ➔ Taxes ➔ United States
There is a simple way to know if they are deducting enough check your paystub if your Federal Witholding is less than your Social Sec you will owe taxes at the end of the year since you have no dependents. Your Federal Witholding is ALWAYS more than Social Sec wiltholding
Don't wait until the end of the year to change your W-4 do it as soon as you realize they are not deducting enough. Print a copy on the IRS website( http://www.irs.gov/pub/irs-pdf/fw4.pdf ) fill it out and take it to the human resource department at your work
Good Luck
2007-02-21 01:51:44 · answer #1 · answered by Nita 2 · 0⤊ 0⤋
Each job takes out taxes like they're the only job you have, since they don't know about the others. When you file, you add everything together so then you end up owing. If you're going to have multiple jobs in 2007 again, take the amount you owe for 2006, divide by 52, and have that much extra taken out per week from the job you work at the most. There's a place on the W-4 to request an additional dollar amount to be taken out.
2007-02-21 20:07:21 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
Very simply, you're not having enough tax withheld from your pay. When you have multiple jobs this is a common occurrence. Each job is withholding from your pay as if it was your only job and this usually results in not enough tax being withheld.
You need to complete the worksheets on page 2 of the W4 form to ensure that enough tax is withheld to cover your tax liability.
2007-02-21 08:57:22 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you owe taxes at the end of the year you can fill out a new W-4 Form with your employers to have them withhold more money for next year's taxes. Your employers use a table based on your W-4 to determine how much to withhold. You aren't doing anything wrong, just increase your withholding for next year.
2007-02-21 07:48:36 · answer #4 · answered by anr 3 · 0⤊ 0⤋
The tax laws are set up to help those who are in the higher tax brackets. I guess your mistake is having two jobs! Start a business and start deducting expenses and start getting refunds.
http://www.carltoncalhoun.com
http://www.get-that-deed.com
2007-02-24 23:37:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋