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I am confused because all I have is my wages from my job. Why do I owe money? What should my withholding be at this annual salary?
At an annual salary of $40,000 paid over 26 paychecks, with no dependents other than myself, what should be my withholding? Thank you.
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posted
June 4, 2019
1:01 PM
last updated
June 04, 2019
1:01 PM
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I am confused because all I have is my wages from my job. Why do I owe money? What should my withholding be at this annual salary?
You owe money because the amount that is being withheld from your pay is not enough to pay the tax owed. It is as simple as that. To correct that, you can file a new W-4 withholding form with your employer, making sure that you specify to withhold as Single, and then claim 0 exemptions. That will withhold more. If that still does not withhold enough, you can always as to have an additional cash amount withheld each pay period.
June 4, 2019
1:01 PM
1 Reply
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I am confused because all I have is my wages from my job. Why do I owe money? What should my withholding be at this annual salary?
You owe money because the amount that is being withheld from your pay is not enough to pay the tax owed. It is as simple as that. To correct that, you can file a new W-4 withholding form with your employer, making sure that you specify to withhold as Single, and then claim 0 exemptions. That will withhold more. If that still does not withhold enough, you can always as to have an additional cash amount withheld each pay period.
June 4, 2019
1:01 PM
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