Will I have to pay in for taxes this year?
I was looking at my W-4, and I had 7 federal allowances and 2 state allowances (Kansas).
I am single, and no one can claim me as a dependent.
I only have one job.
I have two dependants, and I'm almost sure I put them on my W-2 (should I have put 0? To avoid too little being taken out?)
I will file as head of household.
I will have at least $1,900 worth of child care expenses.
My income is less than $65,000.
The IRS calculator is saying I'll have to pay in a couple thousand.
- ?Lv 77 years agoFavorite Answer
And could be very possible that you might owe some amount of FIT during the 2014 tax filing season for the 2013 1040 FIT return and also your state income tax return.
For the federal estimate try the below enclosed information.
Use the search box at the www.irs.gov website for the 1040ES Estimated Tax for Individuals
Use this package to figure and pay your estimated tax.
Page 9 has the 2013 Estimated Tax Worksheet and page 11 and 10 the payment voucher 1 through 4 and the due dates on each one for that purpose and time in your life.
Once you finish learning how to use the above information you can try to double check yourself by using the below enclosed information.
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.
W-2 Box 1 ?????? wages earnings during the 2014 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.
Single taxpayer age 25 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.
Hope that you find the above enclosed information useful. 10/20/2013
- StephenWeinsteinLv 77 years ago
The IRS calculator is probably right, or close to right.
You should have put fewer than 7.
To avoid having too little withheld, you should have put 0, 1, 2, 3, or even 4. I don't think that you should have put zero, but you should have put less than 5.
- JudyLv 77 years ago
If those two are your dependent children under age 17, you should be OK with 7 and not owe. You'd get three for each of them, 1 for the dependent and 2 for the child tax credit.
- troLv 77 years ago
if you are single and have dependents that qualify as dependents you are head of household, and your non taxable income for 2013 is $20450 leaving $44500 to be taxed
claiming 7 you very likely have not had nearly enough income tax withheld and it would appear you will owe
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- Cathi KLv 77 years ago
Also play with the numbers at www.paycheckcity.com