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Posted by Laura on March 18, 2008, 8:57 pm
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>>
>>
>> > My wife works for a small locally owned store that uses Quickbooks.
>> > When I got her W-2 this year, I saw that of her $6,000 salary, only
>> > $120 had been taken out for her federal taxes. Since we're filing
>> > jointly, that was over $1,000 not taken out. Is there a way in
>> > Quickbooks to set the federal tax to a specified rate ... say 18%?
>>
>> Sorry. No. It sounds like her withholding allowances was too high. Go to
>> paycheckcity.com and fool around with the payroll calculator to see what
>> a
>> more appropriate # of withholdings are.
>>
>> I had the same thing happen to me. I had married-2 and they took out a
>> minute amount of taxes. Married-1 or Married-0 gives me a better amount
>> of
>> taxes taken out.
>
> This is good information. However, even Married-0 resulted in $0 tax
> using the above-mentioned calculator. Single-0 actually gives about
> $12 a paycheck. So it looks like we'll just have to specify a fixed
> amount per paycheck and see what comes out in the wash. It is a shame
> that the W-4 doesn't allow for a percentage for additional taxes.
For a $6000 annual salary no federal tax is correct. Where do you get the
$1000 expected tax? Or do you have other unearned income (investments) that
require that you have extra FIT taken out to cover that?
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