If i make about 54400 a year as a teacher how much do i need to take out per paycheck in order to get a decent refund? we get paid once a month.

Forum|Forum|2 years ago
January 19, 2024
6 replies
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DoninGA

Level 15

Use this IRS tax withholding estimator - https://www.irs.gov/individuals/tax-withholding-estimator

xmasbaby0

Level 15

That is not enough information. We do not know your filing status, whether you have dependents, etc. etc. And.....we do not know what a "decent refund" means to you. Getting a large refund only means you gave the government an interest free loan all year instead of having access to your money during the year.

Try the W-4 calculator:

https://www.irs.gov/individuals/tax-withholding-estimator

https://www.irs.gov/pub/irs-pdf/fw4.pdf

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

vtec312488Author

Level 2

2 dependants married filing jointly between my wife and I we make about 90k a year

xmasbaby0

Level 15

Again---use the withholding estimator.

Mike9241

Level 15

why do you want the IRS to hold your money for about 1/2 year interest-free? You don't have to answer but that's the effect of getting a refund. the IRS has been holding your excess tax payments interest-free for on average about 1/2 the year.

Mike9241