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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.

 
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6 Replies

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.

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

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.

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.**

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.

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

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.

Again---use the withholding estimator.

**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.**

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.

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. 

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.

We cannot interpret what you mean by a "decent refund."   We do not know if that means enough to go to Six Flags for a day or a Disney cruise.   Look at how much you had withheld for 2023.   If you want a bigger refund than you are getting for 2023, assuming your income and other circumstances will be similar for 2024, enter an "extra" amount on your W-4 to withhold enough to get the refund amount you want for 2024.

**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.**

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