Spike Brewing 12.5 Conical Fermenter Giveaway - Enter Now!

Home Brew Forums > Home Brewing Community > General Chit Chat > tax experts

Reply
 
LinkBack Thread Tools
Old 03-02-2010, 09:31 PM   #1
friarjohn
Feedback Score: 0 reviews
Recipes 
 
Join Date: Aug 2008
Location: Peoria
Posts: 343
Liked 2 Times on 2 Posts

Default tax experts

Here the situation...
My wages $27,244.44
federal tax $2,968.02

wifes wages $24,133.26
fed tax $824.02

We both claim 0 deductions on are w-4 form(i think thats what they call them) Can any one tell me why such a difference in withholdings?

__________________
friarjohn is offline
 
Reply With Quote Quick reply to this message
Old 03-02-2010, 09:38 PM   #2
Displaced MassHole
Feedback Score: 0 reviews
Recipes 
 
Join Date: May 2008
Location: San Diego
Posts: 1,154
Liked 7 Times on 6 Posts

Default

It's a W2, and there could be a number of things causing the difference.

What kind of work do you both do and how are you paid?

__________________
Worthless Brewing Co.
The name says it all
Displaced MassHole is offline
 
Reply With Quote Quick reply to this message
Old 03-02-2010, 09:50 PM   #3
friarjohn
Feedback Score: 0 reviews
Recipes 
 
Join Date: Aug 2008
Location: Peoria
Posts: 343
Liked 2 Times on 2 Posts

Default

we both are paid every 2 weeks. i work on a casino boat as an engineer assistant. she works in the fast food as a manager

__________________
friarjohn is offline
 
Reply With Quote Quick reply to this message
Old 03-02-2010, 10:00 PM   #4
Synovia
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jan 2009
Location: Chicago, Il
Posts: 1,327
Liked 6 Times on 6 Posts
Likes Given: 1

Default

Both of your tax liabilities should be similar. I can't see any reason other than that her work screwed up.

This will give you some idea of what you both should owe (although it doesn't include the personal exemption) http://www.moneychimp.com/features/tax_brackets.htm


My guess is you'll get a little back, shes gonna owe. (I AM NOT AN ACCOUNTANT)

__________________
Synovia is offline
 
Reply With Quote Quick reply to this message
Old 03-02-2010, 10:03 PM   #5
Bobby_M
Vendor and Brewer
HBT_SPONSOR.png
Vendor Ads 
Feedback Score: 2 reviews
 
Bobby_M's Avatar
Recipes 
 
Join Date: Aug 2006
Location: Whitehouse Station, NJ
Posts: 21,922
Liked 949 Times on 633 Posts
Likes Given: 28

Default

There is more to the W4 than just the number of dependents. You also enter your filing status and whether your spouse works or not. Were either you unemployed when the other first got hired?

If you file jointly, it will probably even out.

__________________
BrewHardware.com
Sightglass, Refractometer, Ball Valve, Weldless bulkhead, Thermometer, Decals, Stainless Steel Fittings, Compression Fittings, Camlock Quick Disconnects, Scale, RIMS tube, Plate Chiller, Chugger Pump, Super Clear Silicone Tubing, and more!

New Stuff?

Last edited by Bobby_M; 03-02-2010 at 10:08 PM.
Bobby_M is offline
 
Reply With Quote Quick reply to this message
Old 03-02-2010, 10:31 PM   #6
buffalobrewer
HBT_LIFETIMESUPPORTER.png
Feedback Score: 0 reviews
Recipes 
 
Join Date: Mar 2009
Location: Buffalo, NY
Posts: 994
Liked 18 Times on 16 Posts
Likes Given: 6

Default

any 401k or other differences in benefits?

__________________
buffalobrewer is offline
 
Reply With Quote Quick reply to this message
Old 03-03-2010, 02:06 AM   #7
Brutus Brewer
HBT_SUPPORTER.png
Feedback Score: 0 reviews
Recipes 
 
Join Date: Jul 2006
Location: Upper Sandusky, OH
Posts: 454
Liked 7 Times on 5 Posts
Likes Given: 2

Default

Quote:
Originally Posted by Synovia View Post
Both of your tax liabilities should be similar. I can't see any reason other than that her work screwed up.

This will give you some idea of what you both should owe (although it doesn't include the personal exemption) http://www.moneychimp.com/features/tax_brackets.htm


My guess is you'll get a little back, shes gonna owe. (I AM NOT AN ACCOUNTANT)
Agreed. I do taxes on the side and 2 years ago one of my clients switched jobs and his new employer went 6 months without withholding any federal taxes. Granted he should've paid more attention to his check stub, but the employer screwed up.
__________________
Brutus Brewer is offline
 
Reply With Quote Quick reply to this message
Old 03-03-2010, 02:39 AM   #8
adx
Feedback Score: 0 reviews
 
adx's Avatar
Recipes 
 
Join Date: Mar 2007
Location: Scaggsville, MD
Posts: 933
Liked 8 Times on 4 Posts

Default

My wife's employer screwed up in 2008 and did the same thing. We ended up not owing since we bought a house last May, but if it wasn't for the interest and points that were deducted we would have owed big time.

__________________
adx is offline
 
Reply With Quote Quick reply to this message
Old 03-03-2010, 12:44 PM   #9
Beerrific
Feedback Score: 0 reviews
 
Beerrific's Avatar
Recipes 
 
Join Date: Mar 2007
Location: Georgia
Posts: 5,600
Liked 45 Times on 37 Posts
Likes Given: 9

Default

Check your marital status on your W-4s, a similar situation happened to my wife and I for the first part of this year.

Also, with this new "Making work pay" tax credit, the withholding tables got all screwed up last year and more than likely if you and your spouse make roughly the same amount of money, your employer will have probably under-withheld. (Depending on what you marital status is on your W-4).

__________________
Beerrific is offline
 
Reply With Quote Quick reply to this message
Old 03-03-2010, 04:26 PM   #10
friarjohn
Feedback Score: 0 reviews
Recipes 
 
Join Date: Aug 2008
Location: Peoria
Posts: 343
Liked 2 Times on 2 Posts

Default

my wife has a 401k, i dont. my boss mentioned an interesting thing. I am an hourly employee and she is in a salaried position. I got to call the HQ today.

__________________
friarjohn is offline
 
Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options
Thread Tools


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any Water Experts Here? Lodovico Recipes/Ingredients 8 02-02-2010 08:55 PM
TV Experts jspence1 General Chit Chat 18 10-12-2009 10:59 PM
One for the experts Texron Wine Making Forum 7 04-14-2009 04:26 AM
will the experts look this over for me? ethangray19 Beginners Beer Brewing Forum 11 03-17-2007 11:58 PM