Tax deductions Q's???

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95b16coupe

95b16coupe

Well-Known Member
I only claimed 1 exemption on my forms for my new job. The following 3 taxes knock out 17% of my federal paycheck. I would probably spend any extra money if i took it home weekly. (well maybe) How much more would i take home and how much less would i get on my return?

Fed Withholdng
Fed MED/EE
Fed OASDI/EE
 
there is no way to answer this without numbers being involved
i stick with claiming 0/0
fed refund isn't too big that i care about the gov't holding the money, and not too small that i need to worry about owing

i lose about 30% between fed state and my portion of HI
 
well, i figure my federal taxes this year may be around $8000. which isn't too bad. I would like to get about $5000 back. maybe more with deductions. i'm just trying to figure out if the difference in paycheck would be larger than the total refund i could get.
 
the easiest way to figure it out is to talk to your payroll dept
you really need solid numbers to do any calculations because of the different tax rates
 
it really all depends on
- how much you make
- if you own a house / other major itemizations
- if you have kids or someone claims you as a dependant
 
B said:
it really all depends on
- how much you make
- if you own a house / other major itemizations
- if you have kids or someone claims you as a dependant
Click to expand...
not much
no house
no kids

pretty much screwed.
 
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