Just a quick question regarding owing taxes.
We had to pay last year and again this year even more.
Husband and I together made less money this year and put more money into 401K yet we owe even more this year than last year.
Our w-2's are listed as married and we both have 0 exemptions so the max amount is taken out every check on both our checks. Does this mean we need to have additional money taken out for tax time?
We were thinking that we make too much combined that would push us into the next tax bracket but we filled out both ways...married, filed jointly and married, filed separately but the difference is only $10.
I made about $67K and husband made about $100K (rounding, don't have exact numbers in front of me).
His taxable income is about $92K and I had $12,699 taken out for my 401K alone which would therefore lower my taxable to $54K...so I think that would put us at the very top of the 25%
Are we missing something?