$58 back from Federal
$21 back form State

I don't give my government a free loan.

 

$5,446.00

 

adjust your W4s peoples

 

Between the Feds and State I owe just over 5K.

 

A whopping 477. Enough for one car payment.

 

How do people end up owing? I mean my mom owed quite a bit, but that is because she doesn't pay taxes with every paycheck, just once every year.

How do people that pay taxes monthly still owe?

 

Quite a few different reasons.

If your income went up mid year due to marriage or whatever reason, the amount withheld in the first part of the year will nor have been enough, and if you don't file a new W-4, they won't withhold enough in the latter part either.

If you have any consulting work, it is reported on a 1099 Misc. No taxes (including SS taxes) are taken out. The only way to pay taxes as you go along is with quarterly payments.

From a financial point of view, it is best to owe at the end of the year just below the point where you penalized for underpayment of taxes.

 

Thank you for the explaination. Learn something new everyday.

 

I owe over 3k. Dual incomes, no kids, can't deduct S2000 expenses...

 

i owe more this year than i made last year