Hey everyone, this is my first post for this forum.. And I'm about to lose it..
Hoping someone from here can help..
so for my 2014 W2 I had a full time and part time job I am married and using m-2 for withholding, I have a daughter under 3 yrs old. Combined I made around 120-130k for 2014 that's a big jump from my 2013 which was around 60-70k. My wife made around 45-60k also using M2. Our W2 combined on box 1 is $160-180k... I used the HR block calculator and it showed that we are going to owe 10-13k in taxes
why is this ? we are 27-33yrs old.
Will IRS let us pay this in increments?
What are your suggestions to avoid this ? Make m-0 for salary withholding ?
And I'm sure you'll ask where did all our money went ? Well... Since it was our first having that type of money we didn't spend too well
and now biting us in the rear. (About to cry right now) please help
I really appreciate any feedback
(numbers are approx for privacy reasons)