Is it normal that I owe taxes if I got a raise in the middle of the year? | TigerDroppings.com

Posted byMessage
LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
20931 posts

Is it normal that I owe taxes if I got a raise in the middle of the year?


In April, I got a 15% raise. I'm not sure if that has to do with me owing taxes rather than getting a refund. I am just wondering if in general, employers don't withhold enough for this sort of thing. I only owed $127, but last year I was refunded $1750.






Back to top
Share:
Tigerpaw123
USA Fan
P'ville
Member since Mar 2007
8769 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


quote:

I am just wondering if in general, employers don't withhold enough for this sort of thing


Your responsibility not there's, could be for a number of things, but actually looks like you did well, remember the goal is to neither owe anything or receive anything when you file your return. Owing $127 is pretty close



This post was edited on 1/23 at 8:06 pm


Back to top
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28668 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


quote:

I only owed $127


That's a pretty good outcome, I'd be happy with it.

quote:

last year I was refunded $1750.


That is not a good outcome, you provided an interest-free loan to the IRS.






Back to top
LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
20931 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


I know that, but I didn't really do anything differently when I filed. I think it has to do with my company withholding too much last year, and too little this year, although that may be obvious.

Unless I managed to frick up TurboTax






Back to top
LSUSUPERSTAR
LSU Fan
Arlington, TX
Member since Jan 2005
9213 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


quote:

company withholding too much last year


That has nothing to do with your company. That is between you and the tax man.






Back to top
lynxcat
Rutgers Fan
Member since Jan 2008
14178 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


I owe $500. I think my bonus is what threw it off.





Back to top
TROLA
LSU Fan
BATON ROUGE
Member since Apr 2004
5937 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


174 is pretty damn good..assuming witholdings didn't change and deductions were close, you probably fell right over the border of a new tax bracket. That will sometimes shift around how close the overall witholding table comes to actual.. This is assuming you didn't get hit with a small amount of AMT.





Back to top
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
28668 posts

re: Is it normal that I owe taxes if I got a raise in the middle of the year?


quote:

That has nothing to do with your company. That is between you and the tax man.


This.

You tell the company how much to withhold, they don't make the decisions for you.






Back to top



Back to top