why do i owe money for taxes? i earned 17,000 and paid out 2,000 to fed income tax ss tax and medicare.?

Question

i owe 100 so its not much but why if they take out money each paycheck do they need more at the end? im 24 noone claims me as a dependent and when i filled out my tax form pre hire (i dunno what form it is) i only put down 1 (enter 1 for yourself if noone can claim you....) what can i do to not owe money every year

Answer 1

About $1300 of the withholding would have been for social security and medicare, so sounds like you only had about $700 withheld for federal income tax, so owing $100 of a little more sounds about right.

If you fill out your W-4 as single one allowance, then you'll come fairly close to breaking even on taxes - $100 is considered fairly close. If you want to be sure not to owe next year, change your W-4 to single zero allowances, or file a W-4 asking your employer to take out a few extra dollars per week.

Answer 2

You could change the form and put 0, then they'll take more money each paycheck and they'll be paying you after you do your taxes next time. Only oweing $100 isn't too bad at all.

I got about $800 back from taxes this year. If you think about it, that's not a very good deal. The government got to use my money throughout the year and gave it back to me at the end. Perfect taxes would end up being $0.

Answer 3

So that you don't owe at the end of the year, all you have to do is fill out a new W4 for your employer and put 0. don't even claim your self, that way you will not owe but get more refund at the end of the year, but I must say more money will be deducted from your paycheck as tax.
Good Luck.

Answer 4

Claim 0 instead of 1 until it's time to file taxes. Then you'll probably get a refund. You'll also take home less money per pay check.

Answer 5

The Government