Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Paycheck and taxes question..

I am in the state of AL. I am working, my dh is not. What is the Medicare, social security percentage? Is it different in every state? We are very low income. Trying to see if I will have enough on payday for the power bill and water. my check before taxes should be 300.000
I didn't claim any exemptions, and under all boxes I put 0.
Any got any idea?
Posted on CafeMom Mobile
by on Oct. 13, 2012 at 2:45 PM
Replies (31-40):
CoeyG
by on Oct. 13, 2012 at 5:54 PM


Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.
PS: My MIL is the one who told us to do this. She's a CPA.


Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.


Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.

I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


Being a CPA means very little, what it meas is that you a certified accountant.  Anyone can be an accountant and get a certificate, they just have to take the extra classes required.  It is like the difference between being called a law "clerk" and a Para legal...a piece of paper.  

blondie.mom
by Member on Oct. 13, 2012 at 6:22 PM
Yes true. But if you claim 10, then file for less (I'm only assuming she has one child, plus her and her Dh) then they will owe, and that's never fun.

Quoting MissTacoBell:

The IRS doesn't care how many you claim on w/h as long as the tax is figured and paid right in April.




Quoting blondie.mom:

Unless you HAVE 10 dependants, DO NOT CLAIM THAT MANY! Lying to the government is a big no no.





Since you are working and your Dh is not (and I'm assuming you have at least one child, I could be wrong) you can claim at least 1 and have slightly less taken out of each check, and still most likely not owe at the end of the year. We have 2 boys and I am a sahm, Dh claims 3 dependants and we never owe, in fact we always get back a return.






Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.




Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.



I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.



Posted on CafeMom Mobile
TeaHound
by on Oct. 13, 2012 at 7:30 PM
It's not tax fraud to tell your employer how much you want them to send to the government in withholding. It's tax fraud to lie on your tax forms.

Quoting sleepymommy87:

It's still tax fraud if she were to get audited. I'd rather not risk jail time just saying




Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.


PS: My MIL is the one who told us to do this. She's a CPA.






Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.




Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.



I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.



Posted on CafeMom Mobile
TeaHound
by on Oct. 13, 2012 at 7:35 PM
Are you saying you have to pay taxes on money you got because of the bp oil spill and it's putting your family behind the 8 ball financially?????
Thats ridiculous! !!!!!!!!
Wish I could help! You might want to see if you can find some free tax info.
(((((Hugs)))))


Quoting mommy2annaliese:

Yeah, I get paid biweekly, I work about 35 hours a week, 10.00 an hour. We only afford food and bills. I haven't bought anything for myself in two years.

I guess I'll go fix it when I work next. I didn't know what dependant meant at the time, so I will fix it to say my dd.

Hopefully it will help and I won't owe more taxes. I def won't be getting a return this year because I owe them 1,000.00 from a check I got when that oil spill hit because it cause me to lose months of work.




Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.


PS: My MIL is the one who told us to do this. She's a CPA.






Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.




Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.



I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.



Posted on CafeMom Mobile
TeaHound
by on Oct. 14, 2012 at 6:32 AM
I'll be your dr. The only difference between me and person you see now is a piece of paper.

Quoting CoeyG:


Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.

PS: My MIL is the one who told us to do this. She's a CPA.




Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.



Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.


I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


Being a CPA means very little, what it meas is that you a certified accountant.  Anyone can be an accountant and get a certificate, they just have to take the extra classes required.  It is like the difference between being called a law "clerk" and a Para legal...a piece of paper.  

Posted on CafeMom Mobile
Eshadowgirl
by on Oct. 14, 2012 at 6:37 AM

  This is what you should get..give or take a few cents...based on Alabama tax withholding.

I always claim Zero....always have. They take out the max amount, and i see it when i file returns. Of course when we have a child I'll claim him/her as my dependent...but til then...I'll claim zero

Bi-weekly Gross Pay

$300.00

Federal Withholding

$21.73

Social Security

$12.60

Medicare

$4.35

Alabama

$7.57

 

Net Pay

$253.75

Christie E.


 

jadedcynic
by Member on Oct. 14, 2012 at 6:39 AM

Not claiming exemptions means they'll take the max out.

jadedcynic
by Member on Oct. 14, 2012 at 6:43 AM

Claiming 10 is very bad advice. You should never claim more than actually live in your household or it will bite you in the ass. I did my ex's taxes one year and he had claimed his children who didn't live with him as exemptions throughout the year and ended up owing taxes despite his very low income, because he couldn't get the credits for them. It's that EIC and CTC that make those big tax refunds, not additional imaginary exemptions.

Quoting TeaHound:

I'll be your dr. The only difference between me and person you see now is a piece of paper.

Quoting CoeyG:


Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.

PS: My MIL is the one who told us to do this. She's a CPA.




Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.



Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.


I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


Being a CPA means very little, what it meas is that you a certified accountant.  Anyone can be an accountant and get a certificate, they just have to take the extra classes required.  It is like the difference between being called a law "clerk" and a Para legal...a piece of paper.  


TeaHound
by on Oct. 14, 2012 at 7:56 AM
I see what you're saying. We do have more than one child.

Quoting jadedcynic:

Claiming 10 is very bad advice. You should never claim more than actually live in your household or it will bite you in the ass. I did my ex's taxes one year and he had claimed his children who didn't live with him as exemptions throughout the year and ended up owing taxes despite his very low income, because he couldn't get the credits for them. It's that EIC and CTC that make those big tax refunds, not additional imaginary exemptions.

Quoting TeaHound:

I'll be your dr. The only difference between me and person you see now is a piece of paper.



Quoting CoeyG:


Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.


PS: My MIL is the one who told us to do this. She's a CPA.






Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.




Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.



I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


Being a CPA means very little, what it meas is that you a certified accountant.  Anyone can be an accountant and get a certificate, they just have to take the extra classes required.  It is like the difference between being called a law "clerk" and a Para legal...a piece of paper.  


Posted on CafeMom Mobile
mommy2annaliese
by on Oct. 14, 2012 at 10:01 AM
YES. The BP oil spill caused me to lose two months of work, I worked in a completely tourism driven little beach town full time once that happened and tar balls started washing up on the beach people quit coming and it wa a ghost town. They gave me a settlement check and never told me anything about taxes, so I cash it and life goes on and I didn't file taxes because that year I barely worked ( I think I worked like 4 weeks out of the year because of the oil spill and then I quit to find a new job and move because NOBODY was coming there) so I didn't file and January I get a letter saying that I didn't file a something another for my BP check and that I owed them 1,000.00 for the first BP check and 1,000.00 for the second. (They sent the settlement in two seperately checks because they wanted me to sign something saying I could never take legal action against them) and to pay it immeaditly an I was like :0!! And there was also something on there about an intrest fee or something. I was so confused. I have to deal with it when it turns tax time.


Quoting TeaHound:

Are you saying you have to pay taxes on money you got because of the bp oil spill and it's putting your family behind the 8 ball financially?????

Thats ridiculous! !!!!!!!!

Wish I could help! You might want to see if you can find some free tax info.

(((((Hugs)))))




Quoting mommy2annaliese:

Yeah, I get paid biweekly, I work about 35 hours a week, 10.00 an hour. We only afford food and bills. I haven't bought anything for myself in two years.


I guess I'll go fix it when I work next. I didn't know what dependant meant at the time, so I will fix it to say my dd.


Hopefully it will help and I won't owe more taxes. I def won't be getting a return this year because I owe them 1,000.00 from a check I got when that oil spill hit because it cause me to lose months of work.






Quoting TeaHound:

ACTUALLY, it doesn't work that way. You owe the same amount. She said "very low income". She probably doesn't owe anything at tax time.



PS: My MIL is the one who told us to do this. She's a CPA.








Quoting sleepymommy87:

I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.





Quoting TeaHound:

If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.




I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.




Posted on CafeMom Mobile
Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)



Featured