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re: Confused as hell on exemptions/witholding on taxes. Please help.
Posted on 7/4/13 at 8:04 am to wegotdatwood
Posted on 7/4/13 at 8:04 am to wegotdatwood
Changing jobs multiple times during the year can result in severe under-withholding. Each employer is likely to withhold as if you had zero income when they started paying you. Thus, some of the withholding from the later employers will be based on the 10% tax bracket even though you may have exceeded the income from prior employment. And the last dollar you earn may not be subjected to withholding at your actual marginal tax rate.
You need to sit down and fill out a W-4 using the worksheets on page 2. You may have to submit W-4's with zero withholding allowances and additional amounts withheld in order to avoid a large balance due on April 15, 2014 and possible penalties for insufficient withholding.
You need to sit down and fill out a W-4 using the worksheets on page 2. You may have to submit W-4's with zero withholding allowances and additional amounts withheld in order to avoid a large balance due on April 15, 2014 and possible penalties for insufficient withholding.
Posted on 7/4/13 at 8:10 am to Poodlebrain
quote:
You need to sit down and fill out a W-4 using the worksheets on page 2. You may have to submit W-4's with zero withholding allowances and additional amounts withheld in order to avoid a large balance due on April 15, 2014 and possible penalties for insufficient withholding.
My full-time job next month is where I'll make the most money (the 20k). Plan is to claim zero instead of one and maybe have a little extra come out?
Also, just looked, last year agi was 49k. So, I'll owe more in taxes than last year (says taxable was/is 29k)
That will cover on the safe harbor thing right?
This post was edited on 7/4/13 at 8:27 am
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