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108,991.20 tax tables for filing jointly but at a higher single rate and married w/0 dependents?
If my husband makes $75,000 in 2011 filing married and zero and I make $34,615 filing married but at a higher single rate and zero plus $25 will we owe taxes or get a refund?
Does a married couple get a better tax refund than someone who files single?
Maybe. Certainly never worse. A married couple making the same as a single person will always pay less. And a couple has the choice of filing individually or toether, which ever is better for them, so it can't be worse.
What is the purpose of a W-4 form?
The purpose of Form W-4, titled Employee's Withholding Allowance Certificate, is to help your employer withhold from your pay the correct federal income tax, based on Single or Married filing status and based on any dependents/allowance exemptions. If the correct amount is withheld, then you should either receive a refund or owe a reasonable, not a huge, amount when you file your tax return.
What is the Difference between filing single and married but take out higher single?
In some cases, such as both spouses working, married people find that not enough tax is being withheld at the married rate, which is the second lowest tax rate after head of household. To solve this, married people can check the 'Married but withhold at higher Single rate' choice in box 3 of Form W-4 [Employee's Withholding Allowance Certificate]. But when it's time to file their tax return, a married person who's having tax withheld at the Single rate would file as Married Filing Jointly. The difference between the higher Single rate and the lower Married Filed Jointly rate can vary from $1 to over $800.
Will a single person have less income tax withheld then a married employee?
The amount that is withheld depends on the marital status and the number of withholding allowances you put down on your W-4 form. A person who checks the "single" box on the W-4 form will have more withheld than a person who checks the "married" box if they both claim the same number of withholding allowances. If they claim a different number of withholding allowances, there is nothing that can be said about who will have more withheld. Remember that the amount withheld does not represent the actual amount of tax you owe. That is determined when you fill out your Form 1040 at the end of the year. If the married person has a spouse who earns the same or more than the he/she does and the couple does not have a lot more deductions than the single person, the married person may find themselves owing a lot more tax than the single person does. Of course the married person could owe a lot less tax if the person has a non-working or low-earning spouse or a lot more deductions.
What is the difference between married but withholding at a higher single rate and married filing separate?
Married people can file jointly or separately, never as a single person.
What is the best tax withholding strategy for a single person?
The best tax withholding strategy for a single person is to adjust their W-4 form to accurately reflect their income and deductions, ensuring they neither owe a large amount nor receive a significant refund at tax time. It is recommended to consult with a tax professional to determine the most suitable withholding amount based on individual circumstances.
108,991.20 tax tables for filing jointly but at a higher single rate and married w/0 dependents?
If my husband makes $75,000 in 2011 filing married and zero and I make $34,615 filing married but at a higher single rate and zero plus $25 will we owe taxes or get a refund?
If you make one hundred thirty four thousand dollars a year do not own a home good deductions what will you get back from IRS?
Not enough information. The following factors will influence the amount of any refund or even if you have to make a payment.1. Was your wages and salary the same all year or did it fluctuate? (Payroll withholding for each paycheck is calculated as if you will receive identical paychecks all year and the income tax is progressive - if your paychecks were all identical - your withholding should be very close to your liability but if some paychecks were higher than others the extra withholding on the high checks will exceed the shortage of withhold on the low checks - so your refund should be substantial.2. If you don't have a house (along with the mortgage interest and real estate tax deductions), your biggest deduction is the state income taxes or state sales taxes paid. If you are in a high tax state like Michigan, California or New York - you will have a huge deduction for state taxes and a bigger refund. If you are in a low tax state like Utah, Texas or Wyoming, you will have a low or no (standard deduction) state tax deduction and a lower refund.3. Did you work two or more jobs. Each employer takes out social security taxes up to $107,000 of wages. If you had two employers, you will get a refund of about $1,800 on the SS taxes overwithheld alone.4. Is your withholding correct for your circumstances. If you file a W-4 saying you're single or married filing separate with no dependants a lot more taxes will be withheld from each check than if your W-4 says you are married filing joint with two dependants. The more withheld the bigger the refund (of course, it's just Uncle Sam repaying the interest free loan you made him).
Does a married couple get a better tax refund than someone who files single?
Maybe. Certainly never worse. A married couple making the same as a single person will always pay less. And a couple has the choice of filing individually or toether, which ever is better for them, so it can't be worse.
Are there any breaks for taxes if I'm single?
Unfortunately no. When you file married or if you file single (with children) as head of the household, you get larger deductions. Talk to a tax advisor like H &R Block to see if they can increase your refund.
What is the Difference between filing single and married but take out higher single?
In some cases, such as both spouses working, married people find that not enough tax is being withheld at the married rate, which is the second lowest tax rate after head of household. To solve this, married people can check the 'Married but withhold at higher Single rate' choice in box 3 of Form W-4 [Employee's Withholding Allowance Certificate]. But when it's time to file their tax return, a married person who's having tax withheld at the Single rate would file as Married Filing Jointly. The difference between the higher Single rate and the lower Married Filed Jointly rate can vary from $1 to over $800.
What is the purpose of a W-4 form?
The purpose of Form W-4, titled Employee's Withholding Allowance Certificate, is to help your employer withhold from your pay the correct federal income tax, based on Single or Married filing status and based on any dependents/allowance exemptions. If the correct amount is withheld, then you should either receive a refund or owe a reasonable, not a huge, amount when you file your tax return.
What is the purpose of a W 4 form?
The purpose of Form W-4, titled Employee's Withholding Allowance Certificate, is to help your employer withhold from your pay the correct federal income tax, based on Single or Married filing status and based on any dependents/allowance exemptions. If the correct amount is withheld, then you should either receive a refund or owe a reasonable, not a huge, amount when you file your tax return.
Will a single person have less income tax withheld then a married employee?
The amount that is withheld depends on the marital status and the number of withholding allowances you put down on your W-4 form. A person who checks the "single" box on the W-4 form will have more withheld than a person who checks the "married" box if they both claim the same number of withholding allowances. If they claim a different number of withholding allowances, there is nothing that can be said about who will have more withheld. Remember that the amount withheld does not represent the actual amount of tax you owe. That is determined when you fill out your Form 1040 at the end of the year. If the married person has a spouse who earns the same or more than the he/she does and the couple does not have a lot more deductions than the single person, the married person may find themselves owing a lot more tax than the single person does. Of course the married person could owe a lot less tax if the person has a non-working or low-earning spouse or a lot more deductions.
How do I fill out a W4 form to ensure maximum withholding from my paycheck?
To ensure maximum withholding from your paycheck on a W-4 form, you can select the option for the highest withholding rate, which is typically "Single" with zero allowances. This will result in more taxes being taken out of your paycheck.
Does the new making work pay tax benefit have to be paid back?
There are two parts to the making work pay benefit. First, when you fill out your 2009 tax return, you will get a credit of 6.2% of your earned income. However, that credit will be phased out for people with an adjusted gross income (AGI) over $75,000 (single) or $150,000 (married filing jointly). Second, in anticipation of this credit, withholding tables have been adjusted downward. As you may know, withholding is only a rough estimate of the taxes that you actually owe. Your actual tax is computed when you fill out Form 1040 at the end of the year. So, it is possible that you may end up having to pay more at the end of the year or get a smaller refund if your AGI exceeds the numbers above. But, frankly, most people grossly overpay their withholding taxes. It's probably not a bad idea to lower the withholding in either case.
