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FAQ

Why did the IRS withholding calculator say I should claim 12 allowances?
Your allowance calculation is coming up very high because your salary is very low. If you truly will have only $14,000 of gross income for 2017, then you will owe very little federal income tax. After standard deduction and personal exemption, you have $3,600 of taxable income and at the 10% tax bracket, you owe about $360 in federal income tax.Given the low income and depending on other factors, you actually may even qualify for an earned income tax credit, so you would effectively get back more than you pay in federal income tax.Is $14K really the only income you expect for 2017? If yes then put the 12 allowances.
? Do you owe to the IRS this year for 2018 taxes, it looks to me like they withheld 2% less than same exemptions for 2017?
The tax rates and withholding tables were revised, so it is not appropriate to make that comparison.The IRS provides a free withholding calculator at IRS Withholding Calculator so taxpayers can get their withholding correctly calculated.
I’m 17, and I am making 1.5K working at a camp over the summer. Am I tax exempt on a W-4?
I’m not a tax attorney, but Yes.If $1500 from this one job is your entire tax situation, as in you don’t have a job during the school year, don’t get willed anything, etc., you will not owe any taxes. That doesn’t mean nothing will be taken out of your paycheck—other things are taken out besides federal income tax, but no federal income tax will be taken out. Why?Because you are under 18you made less than $10,300you didn’t pay for more than 50% of your cost of living.Your total allowances listed on your W4 (line 5) should be 2. Feel free to use line 7 also, again if I’m right and I’m not a CPA or tax attorney.If you need more, see:IRS: Do I Need to File a Tax Return?IRS: 2017 Withholding Calculator
How many allowances should I claim on my W-4 if I am single with no job but receive a military retirement pension?
There is an on-line calculator, which depends on your level of income (pension and otherwise). Without those details, your question cannot be answered.2017 Withholding CalculatorThe other question to be answered is: Do you know about other possible income (sporadic)? I tend to overestimate that, which reduces the number of exemptions I ask for. Meaning I have less during the year, but am insulated somewhat if I get small jobs during the year that I did not anticipate.
Why is our federal tax withholding wrong each year?
Concretely - because if you are both filling out the W4 as married filing jointly with zero allowances, may will still be under-withheld unless you have significant deductions because the IRS always assumes the income on your W2 is your only income when it computes your tax withholding rate. For married people usually a higher rate should apply. You don’t have any control of this, unfortunately.Its a little unusual for someone with a family to be in this situation, but its possible if you don’t own a home and live in a state with very low taxes and your income is in a higher bracket. If you actually do have a mortgage or pay state taxes you probably want to look at whether you’re claiming all your deductions.If you can’t reduce your taxes, you should withhold extra money from your paychecks or file quarterly taxes. If your income is predictable, there’s a space on the W4 to enter the extra amount to withhold. The IRS does provide a worksheet to figure this out, which works okay as long as you don’t owe AMT, capital gains or additional medicare taxes. If you do owe any of those or have any other unusual tax situation, you need to figure it out yourself or hire a real tax accountant.In the abstract - this is because the US system of tax withholding places all the onus on the taxpayer to figure out what is going on, penalizes if they get it wrong, and makes it absurdly hard to get right.
Is the miscalculation of 2018 tax withholding by the IRS deliberate or an error?
Years of budget cuts and staff shortages have made it increasingly difficult for the IRS to keep up with its mission to "provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all."And those problems due to budget cuts were weighing on the IRS even before the Tax Cuts and Jobs Act was passed in December of 2017. When President Trump signed that massive tax bill into law, the IRS faced what one article at the time described as a crushing workload to implement all the changes.Therefore, we should expect some errors. The errors would not be deliberate because that kind of nonsense would only add unnecessary confusion on top of the work that’s already piled on pretty deep: rewriting regulations, redesigning tax forms, fielding millions of phone calls from taxpayers puzzled by the changes or asking when they’re going to get their refunds, and so on.However, there ARE a lot of changes. So plan ahead. Research the changes.The IRS offers help for individuals and businesses here: Tax Reform | Internal Revenue Service
I work two jobs and claim 0 allowances on my taxes for both. Why do I still owe money at the end of the year?
Because the withholding tables employers use, assume that you are working only that one job, and work it all year long. The withholding tables are known to be inaccurate for a variety of situations — in particular cases where a worker holds more than one job. Married couples face a similar challenge.The IRS recognizes this, and has a tool to help taxpayers get their withholding adjusted to be more accurate.2017 Withholding CalculatorThis tool will ask you a lot of questions about the number of jobs you have, and a variety of common tax situations. At the end, it will give you a recommendation on how to fill out your W-4 forms, an estimate of how much you will actually pay in taxes, and an estimate of the additional amount or refund you should expect if you follow their advice.This tool is also helpful in the middle of a year if your work situation changes. If you get a big raise mid year, you might wind up over-withheld unless you make an adjustment to your W-4; if you have a big pay cut, you might wind up over-withheld without a change.Most people don’t realize that they can change their W-4 pretty much at any time. Your employer can have a reasonable time to adjust their payroll system, but they are supposed to honor a changed W-4 if you give it to them.
If my independent contractor work is much less this year than last, and I pay taxes with my full time gig, do I still have to pay the estimated tax calculated from last year?
This is an answer for US taxes.Estimated tax payments are only required to be on a no less on a pay-as-you-earn basis. If your non-wage income is sharply reduced from last year, you should not need to pay estimated tax at the same rate as required the year earlier.Simple methods of estimating tax payments include equal payments equivalent to 100% of the shortfall of payroll withholding versus prior year’s tax obligations. People do this because the math is easier and there is some leeway allowed, without penalty, for coming up short, and having additional tax due when you file your return next year.In your situation, the estimated tax payments were calculated based on projected income that is not likely to be reached this year. Yes, you can adjust down the estimated tax payments based on the new projection of income.It works the other way, as well. If you had a very large non-wage income event, you might need to increase your estimated tax payment. This could be a 1099 gig or realized investment gain.If you did your taxes using a tax preparation site or software, you may be able to revisit the step where the estimated tax was calculated, and tweak the income total for the year to figure the tax installments. At each estimated tax due date, the payment would be the amount so that the payments to date equal or exceed the payments that would have been advised by the software up to that point.For example, without much 1099 income for the first half of 2019, the software figures quarterly payments of $200. By June, 2019, your estimated tax payments total $400. Summer work picks up and looks promising for the rest of the year. In early September, after adjusting the projected annual income in the software, quarterly payments are given as $450. September’s payment, alone would be $450, but instead of $900 already paid in two installments, only $400 was paid in payments 1 and 2. To catch up, the third payment would need to cover the $500, also, for a total of $950. If all goes to plan, the January, 2020 payment number 4 would be $450.