I just have a question i have two jobs my second job is only getting almost 3 dollars per paycheck by weekly and im claim zero us there something wrong with it?
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I just have a question i have two jobs my second job is only getting almost 3 dollars per paycheck by weekly and im claim zero us there something wrong with it?
I just have a question i have two jobs my second job is only getting almost 3 dollars per paycheck by weekly and im claim zero us there something wrong with it?
When it comes tax time, there
are several ways to find yourself getting a smaller refund or even owing
the IRS or your State money.
You may
not have had enough withholding from your paycheck or your
deductions may have changed, resulting in a lower refund or the need to
pay additional taxes with your return. If you claim too many
allowances, you won't have enough withheld to cover your tax obligation.
The W-4 comes with instructions on how to treat various allowance options.
Did you
take an additional job or did your spouse start working? Again, if
you didn’t adjust withholding, you may come up short at tax time. If
you both work and both claim spouse deductions, you likely won't have
enough deducted.
If
you were previously eligible for the Earned Income
Credit (EITC) and your income increased, your EITC may be
reduced or eliminated entirely. Since the EITC is a direct deduction from
your tax liability, the elimination of the deduction will increase what
you owe.
Did you
start a business? Maybe Airbnb or Uber? You must report
self-employment income to the IRS. In fact, any company that pays you $600
or more during the year must send you a 1099 form recognizing the
non-employee compensation. If you don't have extra money withheld through
your regular work paycheck, you would likely owe when it is time to file
your taxes. To avoid owing additional tax and any penalties, you should
pay estimated taxes on your self-employment income quarterly.
Did you
have a good year in the stock market? You owe a percentage of
your good fortune to the IRS. Typically, financial services companies and
brokers don't withhold money from investment gains.
Other
money that may be subject to income tax includes:
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