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1
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2answers
45 views

What method can be used to estimate additional withholding so no taxes are owed on filing?

For higher income households, standard withholding is insufficient to pay the income taxes owed. For example, one family claimed 4 people last year and the two income earners each did M-0 yet still ...
1
vote
2answers
33 views

What is RRSP Withholding Tax?

I am confused by the "Withholding tax" on an RRSP withdrawl. If I withdraw funds from my RRSP, am I subjected to a 10%-20% with-holding tax? Does this basically mean that my money will be reduced by ...
2
votes
2answers
100 views

W4 --Additional amount withheld from my paycheck

I earn around 85k and my husband around 100k. Last year we paid around 5000$ in tax. Now my husband says to include 2500 as my additional withheld money from my each pay check. What does this mean? ...
24
votes
6answers
3k views

How can I adjust tax withholding so that I don't get a large Tax Refund?

I'm a few years out of college now. I've filled out my W4 accurately and I still get a tax refund every year of a pretty sizable sum. The thing is, I have student loans and I would much rather have ...
2
votes
1answer
116 views

Improper withholding of FICA from student: Getting a refund

A friend of mine in the U.S.A. works for an employer who, we believe, improperly withheld FICA (should have been exempt: they are a student at the same university that they work) due to an ...
0
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0answers
86 views

How to make sense of results from the IRS W-4 withholding calculator?

After entering all my data into the calculator, attempting to get a handle on how much we are going to owe next year, I received this summary, which makes no sense at all: If $947 will be due when I ...
3
votes
1answer
93 views

Am I eligible for a refund of Social Security and Medicare taxes for when I was on an F-1 visa?

This question is for a friend. They came to the United States as a student in 2009 on OPT/F-1 visa. In November of 2011 they started to work for the Department of Defense as a teacher. They had Social ...
2
votes
1answer
269 views

How does tax withholding work for capital gains of selling stock?

I am new in the United States, and before I moved here I did not deal with the concept of tax withholding and capital gains tax. I understand my employer withholds part of my salary to pay taxes, and ...
2
votes
2answers
89 views

Pay taxes through employer payroll withholding for 1099 work?

I have a regular, salaried position where my employer withholds my taxes as per normal. I also do some 1099 contract work on the side for folks, where no taxes are withheld. Can I just adjust my ...
2
votes
2answers
129 views

How do I fill my W4 allowances as a foreign student with two internships this year?

I'm a foreign student that will be in the US for two internships. I just started one in the summer and will be doing another one in the fall. I have to fill in my W4 and I'm still somewhat lost. I ...
5
votes
3answers
702 views

Is this the correct math for estimating federal taxes using marginal tax brackets?

(I updated this because I think I wasnt making myself clear in the first part of the question and I clarified what I'm trying to do. I'm just looking to use marginal tax brackets to derive a good ...
1
vote
1answer
42 views

Can I claim a full tax deduction in India of the entire amount withheld from my U.S.-source income?

I am an Indian citizen resident in India. Say I earn $1000 from a US source. They withhold 30% since I haven't provided an ITIN in my W8ben. So I get $700 in hand. I understand that I have to report ...
0
votes
1answer
110 views

Double-Taxation of Royalties paid for in Korea to a US Company

A Korean-based company is paying royalties to my company base in the US. The US-Korea Tax Treaty has set the Korean income tax rate at 15% for these. In addition, I pay a 10% local income Korean tax ...
3
votes
1answer
208 views

100% Contribution to 401K / Payroll Taxes

This is actually a followup question to a previous post: Tax implications for a 100% 401k contribution limit I mistakenly posted it there first as an answer. I'm new here ... Sorry! My question ...
1
vote
1answer
2k views

W-4 Allowances - IRS Calculator

I am currently utilizing the IRS Withholding Calculator to figure out what my allowances should be (note: NOT exemptions). My current situation: First half of year up to June 30, I earned 11,700. The ...
2
votes
2answers
401 views

Tax withholding on ESPP discount

I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
5
votes
1answer
1k views

Is it a good idea to increase W4 allowance claim in order to fully fund 401k?

My company matches my 401k contributions, up to a limit, 6%. I don't currently contribute the max, but I would like to start. I know when I increase the W4 allowances, my take-home pay goes up, and ...
2
votes
1answer
146 views

Can I just file a 1040-ES?

I got married last year, and made some reasonable estimates of what my taxes would look like in 2012, the first full year of being married. However, a few things have changed and some of the ...
6
votes
1answer
258 views

Lower withholding based on my calculations. How to get employer to change withheld amount?

My employer will withhold taxes from my paycheck as if I have been working at a particular salary range all year. Basically: pay period = (base salary / 2080 hours) * 80, and taking all taxes as a ...
3
votes
3answers
30k views

$65000/year or $2500 every two weeks: If I claim 3 exemptions instead of zero, how much would my take home pay be?

I live in Pennsylvania. They take out about $750 per paycheck as of right now. I recently changed the allowances that I had from 0 to 3. It had no effect whatsoever on my take home pay. And I had ...
10
votes
3answers
672 views

What is the best way to calculate the optimal tax withholding from my paycheck?

My tax refund for this past year (United States) was much higher than I would have liked it to have been. I'm single and have no dependents. My tax refund was about 4% of my salary. Is that normal? ...
5
votes
2answers
2k views

W4 withholding for “Married filing joint” filing seems higher? Why?

My husband took a new job recently and is making 125K in salary in California. I make 65K. When we were filling his W4 (married filing joint), the additional withholding on his W4 came to 'additional ...
4
votes
5answers
33k views

How do I calculate net monthly salary (after taxes) in Germany?

If I were to say that my yearly, gross salary was 50,000 euros, then what would be my monthly net after-tax income? For example, this calculator looks OK to me: ...
3
votes
1answer
123 views

Lower my tax withholding liability and increasing my net worth

My goal here is to optimize my net worth, not cash on hand. With the understanding that higher net worth makes access to capital easier. So tax deferred options are appealing to me, as long as I can ...
4
votes
3answers
554 views

Understanding federal tax withholding on my pay stub?

Because I am a masochist and want my pay stubs in a spreadsheet format on my computer I am looking into the formulas used to calculate federal income tax. I read over IRS Publication 15 Circular E and ...