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re: Best way to allow withholding to sit for tax season?
Posted on 2/27/17 at 11:07 am to baldona
Posted on 2/27/17 at 11:07 am to baldona
I don't follow your math, but it's pretty simple. Depending on his earnings, as long as he's comfortable that he's withholding 100 (or 110 if a high earner) percent of what he paid in tax last year, there is no risk of penalties.
1
Posted on 2/27/17 at 11:28 am to sneakytiger
I have two jobs: Teaching: $50k and Coaching club: $24k. The latter pays with a 1099-MISC. I predict that portion is taxed at 25% and will come out to me owing $6,000 by next April. The teaching portion of course is taxed already.
My deductions include two home mortgages and interest on them. So, probably closer to $4,000 by tax day after taking those into account.
My deductions include two home mortgages and interest on them. So, probably closer to $4,000 by tax day after taking those into account.
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