Author Topic: Withholdings (paycheck)  (Read 876 times)

TheInsuranceMan

  • Bristles
  • ***
  • Posts: 387
Withholdings (paycheck)
« on: December 23, 2016, 01:50:51 PM »
So, I claim 0 withholdings for both federal and state.  Curious what everyone's thoughts are...
Married, filing joint
2 kids, 2 1/2 and 7 months old
I made 46564.05 this year, gross wages.
Contributed $600 to my HSA (min to get my employers match)
$5,000 to a dependant care account
$4123.60 to my 401k (employer contributed 1392.56

Looks like total taxes were...
Fed withholding - $3891
State withholding - $1914

Total Gross was 46564.05, total net was 27420.41

I know my wife doesn't claim 0, but I don't remember where she has hers set at.
Thoughts?

secondcor521

  • Handlebar Stache
  • *****
  • Posts: 2044
  • Age: 49
  • Location: Boise, Idaho
  • Big cattle, no hat.
    • Age of Eon - Overwatch player videos
Re: Withholdings (paycheck)
« Reply #1 on: December 23, 2016, 02:51:42 PM »
Thoughts?

I think your question is too ambiguous to get a decent answer.  You *probably* want to know our thoughts about your withholdings, but without a more specific question or prompt I don't think you'll get the answers you are hoping for.

In general, I always tried to underwithhold on my taxes and owe between $1 and $1000.  I did this because I preferred to have the government wait for me to send them a check rather than the other way around.  Every year I'd look at how my tax return actually turned out.  If I was getting too much of a refund, I'd file a new W-4 and increase the allowances by the appropriate amount based on simple algebra and google research.

kpd905

  • Handlebar Stache
  • *****
  • Posts: 1705
Re: Withholdings (paycheck)
« Reply #2 on: December 23, 2016, 08:42:32 PM »
We need to know what your wife made and how much she had withheld.