Dropped our taxes off to the accountant last Monday, she had them done on Tuesday went and signed them. Got our state refund already on Friday. That's crazy. csb/
Tax time
- Thread starter beanerhawk
- Start date
Our tax bill is up 75% over 2 years ago for some reason. We had adjusted our withholding and it still wasn't enough. We have to write a big check again.
Wow, I filed both fed and state on Saturday. Normally I wait until the last minute but we are getting a $7500 refund this year so no reason to not submit it. Typically we break even or pay a little but Mrs QC worked part-time this year and that kept us out of the higher tax bracket. I'm not mad.
You either had a large increase in wages / income and or need some tax planning.
Likely due to income, but have ran through 4 individuals with exact same income and the withholding calculations at the companies they worked for cut back federal withholding in half. Some big tax bills for those individuals. I think a manual calculation, but some individuals pretty upset.
The year after our youngest son graduated and we couldn't claim him anymore we got smacked in the mouth with a big tax bill. Didn't make the correct adjustments. I was pissed. My own fault though.
Well, if their federal withholding was cut in half they should have been prepared,.... or made adjustments.
My state and federal are usually way out of whack and this year is no different. The state legislature dropped the highest state marginal rate to 1.9%, so I’ll be paying the feds about $5500 and getting about $2300 back from the great state of North Dakota.
Should have they caught it maybe. However most expect there employers to know how to calculate federal withholding correctly. Also its the employers responsibility to withhold correctly if there is a correct W-4, not the employee.
Anything else change? Lost deductions, child care or other credits, reduced 401k, fsa or hsa deductions? Reduced withholding? Seems like a very large jump if your income did not significantly increase. Do you do your own taxes or hire someone? If hired they should be able to assist. I’d put your returns side by side and see where the changes occurred.
Last edited:
+75% by itself is a useless number. Especially since you're still not clear on what you're talking about. But it sounds like you mean the amount your return says your balance due is. Going from owing $100 to $175 is 75% more. Without knowing your numbers then and now, nobody can tell you why for sure.
Total bill. Not owed at the end. We paid 4,000 something in 22. This year our total bill was over 7,000. We have to send in 1,300.
Who in hell pays taxes??
I bought Trump’s book on how avoid paying taxes.
In Chapter 2, it says even if you owe taxes, don't pay them. If the IRS comes after you, hire an attorney.
Then...you don't pay the attorney.
Win/Win
I bought Trump’s book on how avoid paying taxes.
In Chapter 2, it says even if you owe taxes, don't pay them. If the IRS comes after you, hire an attorney.
Then...you don't pay the attorney.
Win/Win
With those numbers you wouldn't have gone over the 12% tax bracket. Something obviously changed. Could be Economic Stimulus credits (Covid) on your 2021 taxes.
Tell me you know nothing about taxes without telling me you know nothing about taxes.
Jk.
Sorta.
Ok not really.
Sorry - exemptions.Tell me you know nothing about taxes without telling me you know nothing about taxes.
Jk.
Sorta.
Ok not really.
No such thing as exemptions anymore.
And the W-9 you mentioned should be W-4.
Just giving you a hard time.
It's not all that likely that an employer would screw up the calculation; it's not like 30 years ago when the payroll clerk calculated gross pay on an adding machine, then pulled out their Circular E, flipped through the charts to find the correct married/single and pay frequency, then found the appropriate amount of withholding by matching the gross pay row to the # of dependents column. Virtually everyone does it via a computer program now.
A few years ago, the W4 and the withholding charts were changed drastically. The W4 revision was mostly done to try to account for tax law changes, but there was also clear motivation to try to stimulate the economy by increasing take-home pay (essentially forcing people to stop getting large refunds by lowering the amount of tax withheld). Unfortunately, the new W4 confused a lot of people, and in many cases went way too far in decreasing the amount of tax withholding (particularly with married couples, where both spouses ended up having less tax withheld); as a result, a lot of people who were accustomed to getting refunds of $2k ended up owing that much.
Just work for cash, go off the grid, file a w-69...
My wife and I pay quarterly tax estimates and we always wait to the end. I’ve always paid more than 10k come true up but I’m fine with that. Our businesses are growing and I dont want to give the government an interest free loan.
The calculator seems broken to me. Our withholding has been consistently short for the last few years. This year it was 8000 short. Neither my wife claim our kids on the W4 in order to have the maximum amount withheld and we are still way short. I think we will put some added withholding on line 4c this year.
I adjusted my withholding this year to get as close to 0 as I could.
Refund of like 400 bucks.
I thought buying a house this year would have a bigger impact, but it didn’t seem too.
Basic bitch with one w-2, and no fancy write offs
Refund of like 400 bucks.
I thought buying a house this year would have a bigger impact, but it didn’t seem too.
Basic bitch with one w-2, and no fancy write offs
Most people don't itemize on federal.
And if you are in TN like your username, you don't even pay state income tax (as you of course already know).
The Trump tax cuts for you, and most of the rest of us, are over. Now we get to pay for the permanent cuts for the ownership class.
When I see a big change in balance dues from people with just W-2's, it's normally from someone making a job change and the new job doesn't withhold the same as the old.
Just filing out a new W-4 doesn't mean you are covered. You really need to compare those first checks and make adjustments if necessary.
I've seen plenty of people where their wages go up but their withholding go down.
Not a good combo.
Just filing out a new W-4 doesn't mean you are covered. You really need to compare those first checks and make adjustments if necessary.
I've seen plenty of people where their wages go up but their withholding go down.
Not a good combo.
Yes, but for how long? The cuts weren't permanent for everyone, or did you not pay attention to that little detail?
Hmmm, it's too bad we can't get a different president to do something about that. One that's not Trump. Oh wait...
Similar threads
