Hi all, I have been struggling with why I owe a significant portion of my income for taxes in 2017. To start, I claimed 0 allowances on my w-4 for 2017. I get bi-weeklu pay stubs that show my check amount as well as my withholdings for things such as FICA-Med, Social Sevurity, federal withholdings, etc. I got my w-2 this January and low and behold, my federal withholdings were so low and social security withholdings were very high. I don't know if I should give out numbers, but I will for sake of clarity. I made ~18k this year, (5k more than last year) and had federal withholdings at ~$300 and social security at ~$1100. What happened there? I will owe close to $900 this year instead of getting a refund. Last year (2016), I got a tax refund. I made changes to my withholdings after filling taxes in 2017 to withhold more (or not apparently), but before that I had claimed one allowance. I had ~$1200 federal withheld and ~$760 social security withheld. I don't understand how or why that little of federal taxes was withheld and why social security is so much more?
I am a dependent of my parents yet, but this year I will graduate from school and be on my own which would mean that my parents shouldn't claim me starting in 2018 right?
Thanks for any insight, it's very much appreciated.
Submitted February 15, 2018 at 08:22AM by btreptow http://ift.tt/2Gcq8kP
