i hav spouse & a child on my income,but i'm paying more in tax than my single friends. how do W2form pts add

Question

some are getting tax refunds,within the same income slab.does it all differ with the dependant info. in the W2 forms,where u fill pts. depending on the size of ur family & other things

Answer 1

Are you really paying more tax, or just getting a smaller refund? It's the total you pay that matters, not the amount of the refund - maybe they have a lot more taken out of each paycheck. If you with a spouse and child are paying more in tax that someone with the same income who is single with no children, then something is wrong. If you're just looking at the refund amount, then they're probably paying more in from each paycheck.

You can get a great refund - just ask your employer to take out an extra $100 a week. Then at the end of the year, you'll get back all the extra you paid in.

Answer 2

Please do NOT compare your return to anyone else's. You only get a refund if you overpaid your taxes during the year. If someone else gets a larger refund than you do, they overpaid by more than you did. That's the ONLY valid conclusion that you can draw.

If a single person with the same income as you have is getting a larger refund than you are it only means that they paid in more tax than they needed to.

A single person with no dependents would have a larger total tax liability than a married couple with a child if their incomes were identical.

Comparing your refund with a single person's is like comparing the taste of an orange with the size of your shoes. It's a meaningless comparison.

Answer 3

if they are getting refunds they either have more deductions, more withholding or lower income.

Check your W-4 form with your employer. If you want a bigger refund (AKA interest free loan to the government) lower your exemption number on your W-4

Answer 4

you need to get professional tax help.