I work as a waiter in a restaurant. I received my W2 recently and my wages are roughly 20k whereas the Federal Income Tax Withheld is only $249.26
I definitely screwed up my exemptions as I am SINGLE with no dependents and only one job and yet I put my allowances as (4) when it should probably be ZERO or like maybe (1) at most.
So now that I try filing my tax return on Turbo Tax, it's telling me that I owe about $800 in fed and $200 in state.
Based on what I'm seeing from my past paystubs, I realized I'm actually getting $0 withheld for federal (assuming the $249.26 was from the very beginning before I switched my allowances)... sooooo it's probably accurate that I owe this much
So my final questions:
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Is there anything I'm overlooking in terms of reducing how much I owe (exemptions, tax relief sort of stuff)
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Should I be adjusting my W4 so that my allowances are 0, so that from my next paycheck I start getting taxed federal? I'm assuming this varies depending on my preferences on whether I want to be taxed every paycheck or owe a lot at the end of the year like I'm doing now.
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Do I have to pay what I owe up front to the IRS? I was being an idiot and didn't realize I wasn't getting any federal tax withheld so I was actually anticipating a refund, but now that I'm in the negative I'm not sure how I can pay this off immediately.
Sorry for the long post I'm pretty new to this and not sure where to start. Thanks for your time
Submitted January 15, 2017 at 04:52AM by kobe24fan http://ift.tt/2jdc0gF
