Posted on 11/02/2013 11:15:27 AM PDT by Ghost of SVR4
Hello all... Any chance I can get some tax / income savvy freepers to weigh in? New job, first pay. No exemptions are showing up on my pay stub (I took it in the kiester this pay with Federal Withholding). I have three kids who live with me full time. I have a soon to be x-spouse and we are NOT filing jointly. I am in the 28% tax bracket. Is there a (relatively) easy site I can calculate what I should be getting paid? My last job's with holding was CONSIDERABLY less. My new HR rep's merely have heartbeats for their qualifications so I need to do some homework.
You should have been given a W-4 to complete, the purpose of which is to give the employer ballpark amount to withhold.
2 points to remember:
Your tax liability is the same regardless-it’s pay me now or pay me later
If you intend on being an Obamacare scofflaw make sure you have no refund
Take your last year’s tax return. Pay at least the amount of last year net income and other taxes plus 10%. This is exemption before a penalty is incurred for not paying your current year taxes in a timely manner. The remainder of your taxes will be due on April 15.
Review Form 2210 for the rules and other exemptions.
You can adjust your tax withholding with Form W-4, but I would advise you to have a tax accountant help you or review your calculation. It is late in the year and there may already be more than the minimum tax withheld for a W4 adjustment to work for this year. The W4 may need to be revised again for the 2014 year.
That would be for tax year 2014 and tax season of 2015. Not what he is currently working on.
Don’t worry. You will make it all back on your ObamaCare subsidies.
Sometimes the obvious must be stated.
Here’s some tax advice: hire a REAL accountant - one who will charge you REAL money - not some doofus from down the street.
Hire the BEST accountant you can POSSIBLY afford.
It makes a colossal difference.
That’s all.
Now you are free to ignore my advice.
This is in regards to who claims the kids and is exactly correct.
The IRS has a form that is used to predetermine who will claim the kids - one signs away their rights/intent for a particular filing year. When I got divorced, it came in handy because the ex signed it (it was part of the divorce agreement) and then tried to renege. I told her that she might be able to get some court to turn a blind eye to either the divorce document OR the form with notarized signature, but I would not hesitate to spend her alimony money on a lawyer to beat her about the head and shoulders if she kept trying to devise ways to illegally screw with me. She was one of the vicious spite-mongers.
ALWAYS get necessary signatures - "amicable relationship" is usually a ruse to take your guard down...
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