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Tax deductions Q's???

Discussion in 'Members' Lounge' started by 95b16coupe, Jun 1, 2009.

  1. 95b16coupe

    95b16coupe New Member

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    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
     
  2. reckedracing

    reckedracing TTIWWOP VIP

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    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
     
  3. 95b16coupe

    95b16coupe New Member

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    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.
     
  4. reckedracing

    reckedracing TTIWWOP VIP

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    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
     
  5. 95b16coupe

    95b16coupe New Member

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  6. Briansol

    Briansol Admins Admin VIP

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    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
     
  7. 95b16coupe

    95b16coupe New Member

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    not much
    no house
    no kids

    pretty much screwed.
     
  8. Briansol

    Briansol Admins Admin VIP

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    in your position, i would claim 0/0.
     
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