My wife and I have had several significant changes in our lives in the past year. For instance, we will not be receiving the mortgage intrest credit, the child care deduction as well as the deductions for business expenses.
Is there any way to know if we are paying in too little or even possibly too much.
Last year with all the deductions, we received a 2k refund filing married, joint with 2 children.
So far this year, I have filed Married, with 0 deducts, and she is filed married w 2 deducts. How can we know if we are paying enough in taxes to avaoid penalties as well as a hefty tax bill come next year?
2007-07-31 04:55:25 · 2 answers · asked by Jason W 3 in Business & Finance ➔ Taxes ➔ United States
Use the IRS' withholding calculator. That should tell you how much federal tax to have withheld from your remaining paychecks in the year. (http://www.irs.gov/individuals/article/0,,id=96196,00.html)
I don't know what state you live in, but some states' departments of revenue have a similar withholding calculator online.
2007-07-31 13:41:36 · answer #1 · answered by Plea_of_insanity 5 · 0⤊ 0⤋
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RE:
Is there a way to make sure I am paying enough in payroll deductions?
My wife and I have had several significant changes in our lives in the past year. For instance, we will not be receiving the mortgage intrest credit, the child care deduction as well as the deductions for business expenses.
Is there any way to know if we are paying in too little or even possibly...
2015-08-19 05:59:44 · answer #2 · answered by Libbey 1 · 0⤊ 0⤋
With Form W-4 is a worksheet that helps you calculate the number of deductions you should take.
2007-07-31 04:59:32 · answer #3 · answered by Scotty Doesnt Know 7 · 0⤊ 0⤋