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Started By
Message
Is it normal that I owe taxes if I got a raise in the middle of the year?
Posted on 1/23/13 at 7:40 pm
Posted on 1/23/13 at 7:40 pm
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.
Posted on 1/23/13 at 8:01 pm to LSUtoOmaha
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 1/23/13 at 8:06 pm
Posted on 1/23/13 at 8:08 pm to LSUtoOmaha
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.
Posted on 1/23/13 at 8:09 pm to foshizzle
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
Unless I managed to frick up TurboTax
Posted on 1/23/13 at 9:27 pm to LSUtoOmaha
quote:
company withholding too much last year
That has nothing to do with your company. That is between you and the tax man.
Posted on 1/23/13 at 9:32 pm to LSUSUPERSTAR
I owe $500. I think my bonus is what threw it off.
Posted on 1/23/13 at 10:03 pm to LSUtoOmaha
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.
Posted on 1/23/13 at 10:31 pm to LSUSUPERSTAR
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.
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