I claimed 0 last year on my W4. According to my CPA, I still owe IRS $1,176. I don't get it?
Filling status: Married, filling separately
Total income: $51,667
Charitable contributions: $50
My spouse took a standard deduction.
2010 Federal Income Tax Withholding: $5,200.01
Thanks everyone for the insights! I'll start withholding extra $$$ from every paycheck.
- EricLv 69 years agoFavorite Answer
Depends how much income tax was withheld from your paychecks. (Box 2 of the w-2)
The tax on that income is about $6760.
Take the amount in box 2 and subtract 6360 (including making work pay credit) from it. If the result is a positive number, that's your refund. If it's negative, that's what you owe. Give or take, it's a close estimate.
For example, if they withheld $5,000 from your checks:
5000-6360 = -1360 (you would owe $1360)
Btw-Unless you have other itemized deductions, your $50 charitable contribution is probably worthless (for tax purposes).
There you go: 5200 - 6360 = $1160. I was close. LOL
It looks like your W-4 is filled out incorrectly. Even though you took 0 exemptions, you probably had it set to "Married". So they take out at the married rate. You need to check the box that says "Married, but withhold at the higher single rate"
WITHHOLDING (according to paychecity.com)
Married with 0: $5150
Married (single rate) with 0: $8185
You would have gotten a refund of about $1800 if you withheld at single rate.
Change your W-4 to "Married, but withhold at the higher single rate" if you plan on filing separately next year again.
- htm182111Lv 69 years ago
I assumed you file as MFS, no dependent, then your 1040 as following :
51,667 - 9,350 = 42,317, this is your taxable income. The charitable # is not enough for you to itemize, so your standard deduction is 5,700 + personal exemption 3,650 = 9,350
Your tax liability is 6,783, minus MWPC 400, you have 6,783 - 400 = 6,383
How much is your F/W?
If you owe , you should make an addition withheld for each paycheck for year 2011, for example:
If you have the same income in 2011, the amount $ 1,176 divide by 52 paychecks if you have paid weekly :
1176/52 = 23 , this is the amount you should add in your W-4 on line 6
Just remind you, next year the $400 from MWPC is expired, so may be you owe the larger amount. You should adjust your W-4 ASAP to avoid owing taxes.
You will owe :
6,383 - 5,200 = 1,183
- Bob FLv 79 years ago
Did your spouse itemize or take the standard deduction?
You have a tax liability of $6763 in that case. How much was withheld?
You should change your W4 to "Married but withhold at the higher single rate" because MFS and Single have identical numbers for that range of income.
- teetsLv 43 years ago
warm Pants, from the 70's Mini Skirts! while the bikini got here out, some people have been taken aback! "now people have G strings" I easily have in no way wore any of those! Even in the Nineteen Seventies i grow to be a large gal, and that i knew the thank you to gown appropriate! I easily have lost a hundred twenty five kilos so some distance expensive, i'm feeling large!
- How do you think about the answers? You can sign in to vote the answer.
- troLv 79 years ago
to start off with if your withholding was $5200 and your income was $51667, it immediately tells me you didn't have enough withheld during the year
this is barely 10% and that is the lowest tax rate and certainly not on the taxable income of $42317
- Anonymous9 years ago
Then reverify your W-4 so the same thing doesn't happen next year.