My brother and sister in law went through the same thing a couple years ago. They went to a tax guy and he told them that only one should claim married and the other single. The year after that, they did fine.
I am going to get married in June. I ran the numbers through Turbo Tax's tax estimator on their website. It said for me to claim married and 6 and my wife to be single and 1. When I ran those numbers in Turbo Tax to see what my taxes would be for 2007, assuming no tax or major financial changes, we will break even. -----Original Message----- From: G Money [mailto:[EMAIL PROTECTED] Sent: Thursday, February 22, 2007 7:36 AM To: CF-Community Subject: Re: Tax hell Well, the answer is to do an additional withholding each paycheck to make up the difference. But what makes NO sense to me, is why claiming zero allowance on your federal income tax withholding would cause your withholding each paycheck to be far LESS than what you actually owe? Basically, marking "Married" on your W4 tells your company to instantly beging withholding far less than what you owe each paycheck. Someone please explain that to me. What the hell? On 2/22/07, Tony <[EMAIL PROTECTED]> wrote: > > now for the reals. > > talk to a tax dude, im sure you are already thinking about this... > but get it right dude... you are finding out what not doing it right > does... i feel for ya brah > > tw > > On 2/22/07, Tony <[EMAIL PROTECTED]> wrote: > > /must hold back perfect opportunity to call you a dipshit. > > > > fuck it. > > > > DIPSHIT > > > > :) hahahahahah > > > > On 2/22/07, G Money <[EMAIL PROTECTED]> wrote: > > > Welp, I completely fucked up my 2006 taxes. 2006 was the first year > that my > > > wife and I were both filed as "Married" for the entire year on our W4. > I > > > kept 1 allowance, she claimed 0. Turns out, clicking that one little > > > 'Married' box causes your federal withholding percentage to drop FAR > below > > > what is actually owed in income taxes. > > > > > > Put another way, we owed about 15% in federal income tax (after > deductions, > > > et. al). Marking "married" as our filing status caused our companies > to > > > withold about 11%.....leaving us with a nice fat deficit at the end of > the > > > year. > > > > > > Fuck. > > > > > > Was I just stupid to think that claiming only one allowance would > pretty > > > much ensure that our bi-weekly withholdings would be at or near the > income > > > tax percentage owed??? Has anyone else gotten hit by this, or am I > just a > > > dipshit? > > > > > > -- > > > She's a PhD in "I told you so" > > > You've a knighthood in "I'm not listening" > > > > > > > > > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Macromedia ColdFusion MX7 Upgrade to MX7 & experience time-saving features, more productivity. http://www.adobe.com/products/coldfusion Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:228688 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
