I changed jobs in November. Got my W-2 from my previous employer, when looking at it I realized that they only withheld a very small amount of federal taxes. My state taxes had more withholdings. now I am going to have to pay all of those taxes, is there anything I can do?
2007-02-25 02:28:00 · 6 answers · asked by bolufsen 1 in Business & Finance ➔ Taxes ➔ United States
I am married with no kids. Filed married and took no exemptions
2007-02-25 02:43:56 · update #1
no spousal support, and own a home
2007-02-25 02:44:38 · update #2
Assuming you file Married filing Jointly, your standard deduction is $10,300. The personal exemptions for you and your wife total $6,600 ($3,300 each). That means you can earn $16,900 before you have ANY taxable income. After that, Your first $7,550 of taxable income is taxed at only 10% or $755. If your total income is $24,450 or less, your effective tax rate is only 3.09%. At $47,550 total income your tax would be $4220. That is an effective rate of 8.87%. Without more information than you have given, your withholding could be correct.
2007-02-25 05:45:40 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
There are many instances where the federal withholding is less than the state withholding. States more often tax at fixed levels, while the federal has standard deductions and exemptions. So the W-2 you received is not unusual.
You need to do your tax return before you start worrying. Chances are good that you will not owe as much as you are worrying about.
Since you are married with no children, your filing as Married Filing Separately will not hurt you that much if you are not able to file with your spouse.
2007-02-25 03:02:23 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
Not enough information to answer your question. There might be a problem, and there might not be.
Your employer withholds tax based on what you put on the Form W4 that you filed with them. If you didn't file that out property, too much or too little tax would be withheld. But you didn't tell us how you filled it out.
Without knowing all of the facts in your case, it's not possible to say if the proper amount of tax was withheld. Your taxes are based upon your income, filing status, deductions, exemptions etc. You didn't post any of that information, so there's no way for anyone here to evaluate it. (The additional information you posted isn't sufficient. We'd need to know ALL income from all sources and how much tax was withheld from all jobs.)
2007-02-25 02:45:54 · answer #3 · answered by Bostonian In MO 7 · 4⤊ 0⤋
The employer withholds at a rate that is set by the IRS based on the number of exemptions you tell them on your W-4.
Withholding is determined by amount of check and how often you get paid (and your claimed exemptions).
You won't know if it matters (and we can't tell you with the info provided) until you file. Are you married? Have kids? Pay spousal support? Own a home? There are a hundred things that will effect your income taxes.
2007-02-25 02:35:35 · answer #4 · answered by Gem 7 · 0⤊ 0⤋
If your wages from the second emplyer were less than $650, I wouldnt be to concerned about it. Go to IRS.gov choose an online FREE tax service and work your taxes both ways and see what is in your best interest. Hope this helps
2007-02-25 02:32:59 · answer #5 · answered by punxsyparty 3 · 0⤊ 1⤋
Contact the IRS but you are going to owe the taxes.
2007-02-25 02:37:22 · answer #6 · answered by Mary G 6 · 1⤊ 1⤋