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Posted by Paul Thomas, CPA on February 4, 2007, 2:24 am
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> Well, I just got my w2 in the mail today, started to fill
> out my 1040ez forms and noticed something I've never seen
> before.
>
> Box 2 lists my federal income tax withheld as only...$1.04!
> It also says I have claimed 2 exemptions but I always only
> claim 1...myself. I was married at the time I started
> working but have divorced since September. I'm still pretty
> sure I only claimed myself as I was filling out my w4 form,
> although that was just over 1 year ago.
>
> Social Security tax, (box4) is 600 - 700 range and medicare,
> (box6) is 100 - 200 range.
>
> I just happened to go through some of my last paychecks and
> noticed only one had fed. inc. tax taken out for current and
> YTD at $1.04
>
> Did I just go through a whole year w/o paying federal taxes?
> Does this sound like something I screwed up or the company I
> work for? I don't know if I should be worried or not but any
> thoughts would be greatly appreciated!
Pay attention to your paystubs.
It looks like you are at about $11,000 of gross wages, maybe
less. At that rate, filing single, the standard deduction
of $5350 and the personal exemption of $3400 will leave
about $2250 (or less) of taxable income. Baring any other
credits, you'll have about $224 in federal income tax.
Credits, like EIC, may reduce that even more.
At your weekly gross pay of about $200 a week you should
have had about $9 of federal withholding based on the tables
for single and 1. If you filled in the married and 1 your
withholding would have been $0 or near that.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
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