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Old 02-07-2015, 10:49 PM
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Join Date: Feb 2015
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Received 1.1k on 2013 return, now I owe $900 on 2014?!

What am I missing here:
2013
Wages 24646.75
Federal 1492.18
SS Wage 25187.49
SS Tax 1561.63
Medicare wage 25187.49
Medicare tax 365.22
12 (D) 538.74
12 (DD) 10749.19
State wage 24648.75
State tax 892.95

2014
Wages 26940.64
Federal 1059.10
SS Wage 27807.15
SS tax 1724.04
Medicare Wage 27807.15
Medicare Tax 403.20
D 866.51
DD 8971.70
State wage 26940.64
State tax 1045.80

Basically I made about 2k more and paid about $400 less in taxes, I could understand me only getting maybe $200 back or nothing, but owing $900?? That is a $2000 difference!



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Old 02-08-2015, 03:45 PM
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Join Date: Oct 2010
Posts: 5,134
Quote:
Originally Posted by silvercobra View Post
Basically I made about 2k more and paid about $400 less in taxes, I could understand me only getting maybe $200 back or nothing, but owing $900?? That is a $2000 difference!
it is possible; there is a lot of variables go into taxes and how much is owed. maybe you jumped into a higher tax bracket, thus owing more tax at the end of the year. You may be claiming less excemption on your W-4 so it's only going to hold out .according to that. If you want more back, claim zero and it'll take more out of your check. For w4, the amounts that your employer withholds are based on the information that you supply on your W-4 to them. It is your responsibility to assure that your withholding amounts are in accord with your requirements since your employer has no knowledge of your circumstances; has no advance knowledge of changes that may occur in the tax codes of the state or federal tax systems. You may, if you wish, change your withholding several times a year to meet your modified requirements



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