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how do you figure out how much tax you need to pay

April 3rd, 2021 at 04:10 am

Hi guys

I don't know your tax system well at all and just wondering how do you figure out how much tax you need to pay as a couple or single person based on your income? Just need to find out where to find the correct information and since you are all so graet at advice thought I would check here first...Thanks

Posted in Uncategorized | 4 Comments »

4 Responses to “how do you figure out how much tax you need to pay”

  1. Lots of Ideas Says:
    April 3rd, 2021 at 11:26 pm 1617492414
    1617492414

    Try this site


    https://taxfoundation.org/publications/federal-tax-rates-and-tax-brackets/#brackets

  2. terri77 Says:
    April 4th, 2021 at 12:25 pm 1617539135
    1617539135

    I take zero deductions, pay additional withholding, and still end up paying, but I work 3 jobs. I haven’t found the perfect formula, but I don’t pay a ridiculous amount so I’ll leave it alone for now.

  3. Lots of Ideas Says:
    April 4th, 2021 at 08:57 pm 1617569857
    1617569857

    Any time you work multiple jobs, unless you have extra taxes withheld you will end up owing because each payroll system assumes that their’s is the only income. So three times the amount that should be taxed at each rate is taxed at that rate...

    However, as long as you don’t owe a high amount that would incur penalties, and you have the money to pay it, I think it is smarter to owe than to get a refund. This is especially true for people with credit card debt, who pay 18% or more on debt while loaning the government money for free. Owing also protects you from someone fraudulently claiming your refund!

    People announce large refunds like they have achieved something, when in reality they lost out on the power of tha money throughout the year.

  4. mumof2 Says:
    April 5th, 2021 at 06:13 am 1617603228
    1617603228

    Thanks LOI I will have a look at that website

    He doesn't work he is retired and gets his retirement pension and social security...but together he makes okay money so just trying to figure out how much we should take out in deductions if he was just to apply by himself...

    We have no debt (yet) and we did take out extra this year just in case but just not sure so going to do some research as filing as a couple you can make more than filing as a single person...but we are still waiting for my itin number and 2019 and 2020 taxes to be processed..been frustrating

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