help question about taxes as of right now i have had around 4800 taken out and my ytd earnings is about 19800?

Question

and my net pay is 15000, so the question is am i going to get stuck paying a bunch to the irs..i was getting garnish and claimed exempt help please

Answer 1

On $19,800 the social security tax is $1227.60, medicare is $287.10. The total is $1,514.70. This is fixed amount and does not depend upon your filing status.

Now for Single (non dependent), the federal tax is $1105. Then there may be state taxes. So your tax home is $17,180.30 minus state taxes.

Evidently, your withholdings are much more than the required. You claimed "Exempt" but this did not stop your employer from withholding federal and state taxes. It appears that they have instructions from IRS.

Answer 2

If you'll post the breakdown of what the $4800 taken out was for, somebody can give you a better answer.

If you filed exempt for the whole year or for very much of it, you are likely to owe taxes when you file your return. You were not eligible to file as exempt if you expect to have any tax liability or you had any last year - if you filed exempt and weren't eligible, you are also subject to a $500 fine for illegally filing exempt.

You don't give enough info to determine your tax liability. But if you are single, not a dependent, have no dependents or adjustments, and claim the standard deduction, your tax will be around $1700-$1900. Can't tell from your question if you had ANYTHING withheld this year for federal income tax. If you owe over $1000 when you file, there will be penalties for underwithholding even if you pay the full amount with your return.

So yes, unfortunately, unless you had $1000 or so withheld before you started claiming exempt, you will owe penalties in addition to the taxes. Change your W-4 right away to single/zero allowances. If you didn't have anything withheld for federal income tax for the year, you might be able to avoid the penalties if you send an estimated payment by 1/15/08 to get what you owe down to under $1000.

If the $4800 taken out of your pay included a significant amount of federal tax before you claimed exempt, you might not be in bad shape. But if the $4800 included the garnishment and little if any federal income tax, you'll have a problem at tax time.

Good luck.

Answer 3

It's hard to say. I don't know what the 4800 is comprised of.But when you file your return you at that time could have more deduction that lower your income base and thereby lower your taxes due. Go to paycheckcity.com and put in your gross and proper exemptions and it will show you what you would have had withheld had you not filed exempt. If you do end up owing be upfront with the IRS and ask for a payment plan. I have known them to be quite lenient with some people and you might be surprised about how little they will expect from you each month. P.S. Don't claim exempt again unless you really are.
Good Luck