aykut

I am really really confused to claim zero or one for my full-time job.. I am single and I have two jobs. One full time regular 40 hr job and one part time job which i work once a week 12hrs a day.. I live in MD but work in VA for my full time job..

My question is when I claim zero , they deduct around $494 . On the other hand, when i claim one , they cut $441 .. These numbers include State, federal, medicare and social security..


So the question is as far as I know , for single people goverment usually cuts 25% for taxes .. But on my paycheck even if claim zero or one , my final net income becomes more than 30%.. Is that normal ? I do not mind to pay taxes but it seems like , I am paying way too much..

Single people pay this much all the time ? What should I claim zero or one ? Or how I can make sure that , they are deducting the right amount from my paycheck ? Please do not give advice to get marry and have kids , i know it can help to reduce but that is not the case as of right now )

bb1314

iTrader: (62)

Uh... it doesn't really matter. You either get charged more tax now and get more when tax return comes or you get charged less tax but you get less or pay extra during tax return.

NIZZMO

iTrader: (24)

It all depends on if you like to get big tax refunds , claim 0 gets you more ,claim 1 lets you keep more during the year. I myself do not work for the government but like keeping my money throughout the year and getting back smaller refunds so I claim 1.

That said I recommend you not posting up your income on the internet . gl

aykut

Thank you for quick responses. Ok , I understand the point that if I claim zero , they cut more but i get more at the end of the year.

But my question is , even if i claim either zero or one , I am getting deducted more than 25% for my gross income. It is almost close to %33 percent.. Is that normal ?

I mean couple of my single friends say roughly they deduct 25% from their paychecks but mine seems way much than 25% and close to %33... Is there a table or any graph that i can go and check that I am deducted right amounts ?

WhiskeyHotel

iTrader: (5)

33% is fairly normal. Also, there is a worksheet that comes with the withholding form (W-4) can help you figure out what's appropriate.

bb1314

iTrader: (62)

Oh that's perfectly normal. Don't forget you have to pay both Federal and State tax. And depending on which county you live in, the tax rate could be different.

banshee

iTrader: (1)

Www.fairtax.org

/thread

davidv

iTrader: (2)

So you have no end-of-year goal. You are just complaining about taxes?

aykut

Sorry but I do not understand what you mean by end of year goal ?? I am not complaining about taxes becuse I have no other choice not to pay so either way i complain or not I am paying my taxes ..

My question was , couple of my friends who live in MD, who are single told me that they are getting deducted around 25% from their paycheck for federal +state+medicare +social security... Our bi-weekly paycheck amounts are almost same. My case is really similar to them only difference is I live in MD but work in VA , but it appears to be my total deductions somehow around %33 .. I thought this is a little bit too much so that was my concern sir.

bb1314

iTrader: (62)

Your friends are on crack. Federal tax alone for a single guy is 25% if you make between $32XXX - $78XXX. Look it up! My suggestion is to stop that he said/she said and actually look up some government websites to find those numbers and stop making yourself looking like a complete noob on the internet.

aykut

"Federal tax alone for a single guy is 25% if you make between $32XXX - $78XXX""


Thanks for this info this is what I was wondering.. I checked IRS website but I was little bit confused with all these numbers so thanks anyway.

bb1314

iTrader: (62)

So I put "Federal Income Tax Rate" in this cool new thing called Google and the here's the first link that showed up.

http://www.moneychimp.com/features/tax_brackets.htm

davidv

iTrader: (2)

A end-of-year goal would be to break even
Owe money
or get money back. Generally that is the purpose of adjusting withholding.

Your interest may be reducing your tax liability. There are methods including a deferred compensation plan at work and IRA contribution.

aykut

thanks for the responses

PhiSig

iTrader: (36)

Talk about last minute filing. Post offices arent staying open late FYI.