This is FREAKING ME OUT! I make minimum wage at a pizza place and just found out that they're taking less out for federal taxes from my biweekly paycheck, which is nice, BUT here's my major worry...will I get a nasty suprize at the end of the year and learn I have to pay that $20-30 every two weeks I get to keep now that will pile up to a whopping $600-700 by February of next year? I hope to hell not! I can't find anything on this and my boss and coworkers don't know.
You'll get a $400 tax credit when you file, that should even out with the decrease in withholding.
There are often changes made to tax policy in the middle and end of the year. There is no way to predict the complete "tax picture" that will be in effect when you are filling your 2009 taxes.
However, one option you have would be to use a program like Turbotax (the 2008 version) casing out your expected 2009 earnings and withholding using the 2008 program. This will give you a reasonable estimate of taxes that you will owe in 2009.
If you filled out the withholding form properly, your employer is probably calculating withholding correctly. Make sure you did not claim more exemptions than you will be able to take on your 2009 taxes.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment