How can i tell if I will owe money at tax return season?

Question

I work only 3 days a week part time usually 27 hours a week (9 hours a day) in a retail store at minimum wage $7.25 per hour. I am married and when I did my w4 i believe its called from when i became employed I put myself as married (which i am), dependents was 0 as i will not be claiming anyone on my taxes, Im pretty sure I also put non exempt. The only thing I dont understand is each of my paychecks taxes coming out is only about $20. Would this be correct seeing as i get paid minimum wage my biggest concern is having to owe money come tax season.

Answer 1

W-4 Employee's Withholding Allowance Certificate ONLY for the federal income tax withholding amount for each pay period out of your gross wages earnings at that time during the 2013 tax year OK.

FICA tax social security and medicare are required and would not be REFUNDABLE at all OK.

FIT $ amount that would be reported on your W-2 form in the Box 2 to be used as a possible REFUNDABLE TAX CREDIT amount during the 2014 tax filing season on the correct line of your 1040 income tax when that amount would be MORE than your FIT liability is at that time OK.

Is wife working and being paid for working during the 2013 tax year then you and her do have to be real careful with the way that you both do fill out your W-4 forms for this purpose and time in your life OK

Married filing joint filing status with cotaxpayers 2 exemptions and your standard deduction on the MFJ 1040 FIT return during the 2014 tax filing season will be 20000 free of the FIT tax at that time in your life. Both age 25 and under the age of 65 resident in the US more than 6 months.

And you and your husband both do have to be very careful with the way that you fill out your W-4 forms for this purpose OK.

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2013. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2014. And you and your husband both do have to be very careful with the way that you fill out your W-4 forms for this purpose OK.

W-2s Box 1????? Gross wages earnings during the 2013 tax year Box 2 FIT $?? amount withheld to be used as a TAX CREDIT during the 2014 tax filing season and when this amount would be MORE than your FIT liability IS at that time you MIGHT be able to qualify for a REFUND of some of that amount during the 2014 tax filing season for the 2013 FIT return.

Married taxpayers both age 25 and under the age of 65 lived more than 6 months in the US.

Your federal taxes are estimated at $????? Your outstanding tax bill $????.

This is ?% of your total income of $?????. Your total tax payments and refundable credits for the year were $?. Your outstanding tax bill is estimated at $????. Your income puts you in the ?% tax bracket.



http://www.dinkytown.net/java/Tax1040.html



Hope that you find the above enclosed information useful. 08/18/2013

Answer 2

At $195.75 per week your FICA/Medicare withholding would be only $14.90 so the other $5.10 is some kind of withholding tax-probably Federal Income Tax. Your pay stub should tell you.



Go to www.Paycheckcity.com and select the Form W-4 calculator on the left side of the screen. Follow the prompts and input the data as necessary, including your husband's earnings. Between the two of you your W-4 allowances should be no more than two unless you have children.



You could go to www.IRS.com and pull up the 2012 Form 1040A, input your year-to-date information for both you and your husband, guess at any other income like interest or unemployment, and follow the form down to page two. The Standard Deduction and personal exemptions will be higher this year than 2012, but so will the tax liability.



If it looks like you will owe for this year, you could increase your withholding.



If you put Married/Zero on your W-4 you could change the form to SINGLE/Zero to have a bit more taken out, or you could just indicate that you want an extra amount taken out each pay period for taxes. ($5 extra per pay period maybe?)



Congrats on the job! Hope it works out.

Answer 3

You should be ok, although if your income added to your spouse's moves you two into a higher tax bracket you might owe more if you file one combined return (filing jointly). Your company's payroll department or HR could help you estimate whether you are having enough taken out, and you can adjust the W4 if you need to have more taken out. Try using this worksheet from the IRS website: http://www.irs.gov/Individuals/IRS-Withholding-Calculator or search online for withholding calculator.

Answer 4

to start, you have $3900 for each person you list on the tax return, ie. yourself, your wife, and your children

then as a married filing jointly couple, you have $12200 for standard deduction, when you total up all these figures this is non taxable income

you have a child tax credit for each child in the household under 17 which reduces the actual income tax you might you owe, then since you actually work, and the income is within the limits, you are probably eligible for EIC and any unused child tax credit up above is now available as 'additional' child credit

when you claim 0 on your W-4 that means they withhold the maximum they can at your gross, in your case you should claim at least married and probably 4

this is if your wife does not work

you can find help at www.irs.gov and find the W-4 calculator

Answer 5

If you and your spouse both put married on your W-4s, it's possible to end up owing. But it depends on what your spouse has on their W-4, how much they make for the year, and a number of ntssother things you don't say. Any dependents?

Answer 6

What is the meaning of income? Incoming...It is the *measure of* value, not the actual value. In order for value to be measured coming in, it must already exist.



Examples of existing value:

Winning the lottery,

Paid vacation,

Paid sick days,

LandLord's rent collection,

Business profits.



From these examples, you can see "income", or the value being measured "coming in" pre exists. Value is not coming directly from your energy and labor, a *living* source, it is coming 'indirectly' from another source.



Compare your paycheck to the examples. Is your paycheck received in the same manner? Is it just coming in? Is the value for your paycheck pre existing?



How can you tell if your paycheck pre exists with value? Does it exist "before" you work.... or does it come into existence "after" you work? If it does not exist before you work, but after....then you used your own energy and labor to *create* the value that created your paycheck into existence.



Folks are not recognizing the difference between the original currency and the fiat currency we use today.



The original currency had real value already backing it. It had pre existing value.

But today, the fiat currency is currency printed without real value backing it. It needs your energy and labor for its value. This is why you must work "first" before obtaining it.



After researching, this is the understanding I received. You must research on your own, come to your own understanding.



My understanding is not a recommendation not to pay taxes, but to share and help understand the right questions we should be asking.

Answer 7

I do a calculation on excel where I extrapolate the money I will make and taxes I pay. Then I put in the numbers into turbotax.com to estimate my taxes. If you owe then adjust your W2 form so you pay more taxes. Also remember there are things such as your car registration, rent paid, being married, donations, IRA contributions and other things that help reduce the amount you owe. I can give you more details, my e-mail is [e-mail]