I am a teacher, and my new school district's payroll deductions are a little confusing. Last year on my refund, I ended up owing the government money and I do not understand why. The mandatory deductions that my school district has are the following, mandatory 1.45% deduction for Medicare/Medicaid, RS withholding (variable),mandatory 8% deduction in lieu of Social Security deduction, and mandatory .65% deduction to supplement TRS retiree healthcare.
On my W4, I have no dependents and no deductions...what changes should I make so that I can receive a refund this next year?
Hi!
I spent a few years in the School System myself! I do sympathize with the work you must do. I ALWAYS advise that you consider your 401K or 403B FIRST. The more, the merrier for you.
When considering the W-4 to insure a refund, consider these ingredients and mix wisely...
1. Complete all of Step 1
2. Complete Step 5
That should be enough to insure your refund. This is true because the more that you contribute to the 401K or 403B, the less taxes you will pay for both Federal and State returns.
You can add a little more to the refund by completing Step 4(C)
Good Luck to you!
Hi!
I spent a few years in the School System myself! I do sympathize with the work you must do. I ALWAYS advise that you consider your 401K or 403B FIRST. The more, the merrier for you.
When considering the W-4 to insure a refund, consider these ingredients and mix wisely...
1. Complete all of Step 1
2. Complete Step 5
That should be enough to insure your refund. This is true because the more that you contribute to the 401K or 403B, the less taxes you will pay for both Federal and State returns.
You can add a little more to the refund by completing Step 4(C)
Good Luck to you!