We have the most taxes taken out of our paychecks and we still owe so much money at the end of the year. We cannot figure out why this is the case. The Turbo Tax app helps us with seeing all possibly deductions, but it still seems something is not right. What deductions could we be missing?
When you are filling out the W4 for your employer to tell them how much to take out of your paycheck it can be confusing. They added so many calculations to that page. The good news is if you want to have the most money taken out of your check then you can ignore all of that stuff. Just enter your name and address at the top and check the 'single' box and you will be all set. Sign at the bottom and you're done.
Request a new W4 from your HR departments and do that and you will be taken care of.
When you say enter my name and check the "single" box, to what are you referring?
So just get my new W4 and change my stuff to single? Even though I am married?
At the top of the W4 form write your name and address. Directly below that are several options. Check the one that says 'single'. Then sign at the bottom. Then you are done.
Yes. Tax rates for single people increase at a faster rate than for married people. So if you check single they will take more money out of your paycheck.