Author Topic: How much for withholding?  (Read 46200 times)

onehair

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How much for withholding?
« on: July 09, 2015, 12:57:51 PM »
I owed $531 last year.  This year it is $1200 it is more due to that 3rd loan I took I am not whining about paying the taxes I am more curious is anyone here who is married filing separately how are they structuring their withholding and if it is possible to reduce the taxes to pay.  If not that's fine. 

forummm

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Re: How much for withholding?
« Reply #1 on: July 09, 2015, 01:18:13 PM »
Owing at the end of the year doesn't change the total amount of tax you have to pay. If you want to keep the amount due at the end of the year down, just increase your withholding on your W4. If the amount you owed last year was $1200 and your income and tax situation is about the same this year, then you can just have an extra $1200 withheld from your paychecks over the course of the year.

onehair

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Re: How much for withholding?
« Reply #2 on: July 09, 2015, 01:27:18 PM »
So once I am able increase my withholding and that will reduce it in total? Okay I just thought I would ask.  I can see part of my haul once my payroll deductions are gone going to do that.

johnny847

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Re: How much for withholding?
« Reply #3 on: July 09, 2015, 02:08:55 PM »
Owing at the end of the year doesn't change the total amount of tax you have to pay. If you want to keep the amount due at the end of the year down, just increase your withholding on your W4. If the amount you owed last year was $1200 and your income and tax situation is about the same this year, then you can just have an extra $1200 withheld from your paychecks over the course of the year.

It technically can if you end up owing penalties for underpayment of tax.