I've been warning all my family and friends . . . . keep track of your FICA withholdings and make sure that you end up with -0- refund, even if you have to pay a little next 4/15. Im expecting Obummer to announce a fiscal crisis next spring and keep everyones refund to help keep the gubmint running.
You can claim as many dependents as you want, so you can easily adjust the amount of FICA withholding.
Im also surprised that no one is aware that the so-called tax cut Obambi said he gave us last spring was simply a change in the rate of withholding, not a real tax cut. You are simply taking more home with each paycheck you will still have to pay the same amount of tax, so that big refund you expect every spring will be a lot smaller or nonexistent. You also should know that whatever you received for your clunker is also going to be taxable income.
Surprise, surprise, surprise!
Thanks, Conservative Bob. Excellent advice. I will pass your tax tip on—claim those FICA withholding exemptions.