I had some moving expenses but nothing more than 1500 dlls. If I earned more from my job they should deduct more right?
2007-03-05 04:31:07 · 7 answers · asked by dayamjz 1 in Business & Finance ➔ Taxes ➔ United States
Dual-earner couples will often have a tax liability even of both claimed 0 withholding exemptions, especially if one earns substantially more than the other does. They should fill out the worksheets on page 2 of Form W-4 to claculate the proper withholding exemptions to claim and to have additional tax withheld if necessary.
If you owe $4k, you need to have at least an additional $80 withheld from your combined pay each week to have the correct amount of tax withheld. You can split that up any way you wish but you do need to make the change quickly to avoid the same problem next year.
2007-03-05 04:49:32 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Hi
Tax preparer here
you should not be owning at all have the person make sure they give you the credit on your deductions for your IRA or 401 your moving deductions, there are some employee expenses you can deduct check out the IRS website publication numbuer 17 and see all of your deductions you should get some money back
2007-03-05 04:47:41 · answer #2 · answered by Anonymous · 0⤊ 2⤋
If you claimed one dependant, and married, then your job should have been taking everything out that they needed too. Your wife would have to claim zero dependants if she has a job. Check you pay stub. Did they have the wrong info? I worked for a company for years and they never got it right that i was married. But i always claim zero, and enjoy the big refund at the end of the year. You should go see a tax consultant, and i would recommend talking to people in your area to see who they go to, just because some of the bigger companies can be a huge rip off.
2007-03-05 04:41:53 · answer #3 · answered by casady96 3 · 0⤊ 2⤋
Two wage earners together can be in a higher tax bracket than the withholding on the W-4 computes. You will need to add withholding over and above what is taken for 0 allowances.
2007-03-05 04:39:00 · answer #4 · answered by ninasgramma 7 · 1⤊ 2⤋
Are you saying you both had income and one total deduction, yet you still owe $4K? That certainly is a lot to be off, unless you are in a very high tax bracket.
2007-03-05 04:38:14 · answer #5 · answered by Wolfithius 4 · 0⤊ 2⤋
Double check everything - that does sound high under the circumstances, unless you both make a very high income.
2007-03-05 11:37:22 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
Unless you received a large bonus, you shouldn't owe. You need to review this with a CPA. It would seem that one of your employers is not withholding enough, or you are working more than one job.
2007-03-05 04:42:59 · answer #7 · answered by taxman 2 · 0⤊ 2⤋