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Why is my refund significantly less than last year if I make more now?

Did I enter an amount wrong? I am single and filed for standard with no dependents I got a new better job
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1 Reply
AmyC
Employee Tax Expert

Why is my refund significantly less than last year if I make more now?

The old job was taking out taxes for the old job tax rate. The new job has a higher tax rate, you just did not have enough withheld from the old job.

 

You were making $x and paying y% in taxes. Now, you are making more money and paying z% in taxes.. If you have a second job, those will never withhold enough and you have to have more taken at your main job. On the W4, there is a box where you can withhold additional money, if needed.

 

Congratulations on the new job! The taxes should be better when it is a full year. You may want to check the W4 calculator in the program to be sure. It is in the Other Tax Situations tab.

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