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FDP Forum / Moe's Tavern (_8^(I) / Tax Question

wink12
Contributing Member
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Plainfield, In.

Jan 30th, 2018 05:27 PM   Edit   Profile  

My daughter was married late in 2016. She changed her tax withholding from one to 2 exemptions I believe in January. Her last check of 2016 had a total of $848 withheld for the year. This year was $30 for the entire year! I told her to ask the office manager-they use an accountant-to enquire about this. The mgr. said because she filed as married and claimed 2 exemptions the amount was correct.
Is there a way to check this out? This seems really out of whack!

K4
Contributing Member
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Being defenseless

does not make you more safe
Jan 30th, 2018 05:31 PM   Edit   Profile  

Depends on her income. Should be easy enough to check.

Go to the IRS web site, look for with holding tables and check it against her income.

BlondeStrat
Contributing Member
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******

Las Vegas NV

Can't complain but sometimes I still do
Jan 30th, 2018 05:55 PM   Edit   Profile  

She can look at her pay-stub each pay cycle and see what is being withheld as she goes. She could make an adjustment if she wants based on what she sees.

Correct would be determined by what happens when she files her taxes. If her and her husband come out close to what their tax obligation is then one might say, "its correct".

Or they might want her paying in more and her husband less (for instance) and make adjustment based on that.

It's a bit of a dance ... there is no real "correct" answer other than making sure your withholding (end of year) total comes out how you want relative to your actual tax obligation when you file.

(This message was last edited by BlondeStrat at 08:02 PM, Jan 30th, 2018)

K4
Contributing Member
**********
**********
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Being defenseless

does not make you more safe
Jan 30th, 2018 06:03 PM   Edit   Profile  

I always adjusted my withholding so I'd end up owing 100 or so. I hate the idea of the Gov using my money interest free.

wink12
Contributing Member
***

Plainfield, In.

Jan 30th, 2018 06:13 PM   Edit   Profile  

Thanks for the reply's. I checked the irs with holding tables and it looks like it's right. That just really surprised me how it could change that much. She already changed her with holding but it looks like they owe instead of getting a refund. Live and learn!

BlondeStrat
Contributing Member
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******

Las Vegas NV

Can't complain but sometimes I still do
Jan 30th, 2018 06:13 PM   Edit   Profile  

I can add: With my income (as a small business operator) being a bit erratic and Queenie having the stead consistent income. Queenie claims *Married 1* and has an additional $50.00 per pay period withheld. Then I make quarterly payments.

We usually over pay and are content with the situation. We do not want to end up owing a bunch upon filing and with my income flow being up and down ... it's hard to gauge as we go along.

The point as they say, "there is more than one way to skin a cat".

(This message was last edited by BlondeStrat at 08:17 PM, Jan 30th, 2018)

BlondeStrat
Contributing Member
**********
**********
******

Las Vegas NV

Can't complain but sometimes I still do
Jan 30th, 2018 06:16 PM   Edit   Profile  

wink12 ... Depending on how much they owe, she may want to change it to *Married 1* or *Married 0*.

Seems she is having next to nothing withheld now. If they are way under her husband might need an adjustment as well.

Disclaimer: I am not a tax advisor or accountant ;)

wink12
Contributing Member
***

Plainfield, In.

Jan 30th, 2018 06:18 PM   Edit   Profile  

She changed it to Married 1 and her husband is married 0. I will have her keep and eye on it and maybe go to 0.

K4
Contributing Member
**********
**********
**

Being defenseless

does not make you more safe
Jan 30th, 2018 06:43 PM   Edit   Profile  

Not to get into politics.

I think everyone should pay quarterly and make with holding illegal.

It would help keep tax rates under control if everyone had to write a check every 3 months.

FDP Forum / Moe's Tavern (_8^(I) / Tax Question




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