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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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another tax question-getting more in paycheck vs a refund..how?
So thanks to 3 kids and DH's semi crappy job, we get a decent refund the last 2 years.
How do we change this so we get the income during the year vs as a refund?
I "believe" he claims 0 as previously before kids we ALWAYS owed.
TIA!
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Posted 1/14/11 8:15 PM  |
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2ForMeIn2011
LIF Adult
Member since 7/10 996 total posts
Name:
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Re: another tax question-getting more in paycheck vs a refund..how?
You would need to change the number he claims, my DH claims M3- for me, him and DD-that way we get more during the year and a smaller refund at tax time
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| Posted 1/14/11 8:21 PM |
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queensgal
Smile
Member since 4/09 3287 total posts
Name:
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Re: another tax question-getting more in paycheck vs a refund..how?
Not sure how 'large' your refund is.
If you currently claim zero, I would change it to claim one.
Then calculate the difference in your take home pay vs. what your refund was last year.
I.E. if you notice your paycheck goes up $50 and you get paid twice a month, then it is $1,200 per year.
You can subtract this $1,200 from the refund you got last year to estimate how much you would get this year.
If you still want more each payperiod, then change it to 2/3/ etc. I would do it one at a time. You don't want to end up owing!
Also - remember, your tax is your tax. Either you pay it each time out of a paycheck or at the end when you file - it doesn't change how much you actually end up paying.
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| Posted 1/15/11 12:23 AM |
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Peaches77
LIF Adult
Member since 1/10 993 total posts
Name:
Me
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Re: another tax question-getting more in paycheck vs a refund..how?
Posted by queensgal
Not sure how 'large' your refund is.
If you currently claim zero, I would change it to claim one.
Then calculate the difference in your take home pay vs. what your refund was last year.
I.E. if you notice your paycheck goes up $50 and you get paid twice a month, then it is $1,200 per year.
You can subtract this $1,200 from the refund you got last year to estimate how much you would get this year.
If you still want more each payperiod, then change it to 2/3/ etc. I would do it one at a time. You don't want to end up owing!
Also - remember, your tax is your tax. Either you pay it each time out of a paycheck or at the end when you file - it doesn't change how much you actually end up paying.
Great advice!
Also, I would only do it if your tax situation is the same as the prior year. Not in the number of kids, but in terms of income and deductions. Some peoples deductions (interest, real estate taxes, etc) can change and you definitely want to take that into consideration.
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| Posted 1/15/11 12:33 AM |
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BeachMom
Love my 4 kiddos!
Member since 11/08 8346 total posts
Name:
Kristie
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Re: another tax question-getting more in paycheck vs a refund..how?
Definitly change the deduction from 0 to 1 or 2 and see how it works out.
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| Posted 1/15/11 7:13 AM |
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MrsPowers
So blessed!
Member since 11/06 10348 total posts
Name:
Ivelysse
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Re: another tax question-getting more in paycheck vs a refund..how?
Posted by BeachMom
Definitly change the deduction from 0 to 1 or 2 and see how it works out.
I agree with this. If you increase your deductions you will have more per paycheck.
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| Posted 1/15/11 8:39 AM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: another tax question-getting more in paycheck vs a refund..how?
Definietly increase your deductions. I would do ateast 3 if you want to feel a difference. there is a worksheet attached to the form you fill our to make your elections... you put in your income, mortage interest, etc and it tells you how much to do. Whatever that ends up being... drop it by a few to be on the safe side!
When I bought my house I changed from 0 to 4 (federal only) cause of the mortgage. I still get a decent refund!
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| Posted 1/15/11 9:12 AM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: another tax question-getting more in paycheck vs a refund..how?
Here is a great site, that you can put in your information and see exactly how much you will take home a week after taxes
You can play with the number of deductions for federal and state taxes, make your you put in your correct state as well
Payroll Calculator
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| Posted 1/15/11 9:22 AM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: another tax question-getting more in paycheck vs a refund..how?
I claim 1.
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| Posted 1/16/11 12:35 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: another tax question-getting more in paycheck vs a refund..how?
Posted by MrsM-6-7-08
Here is a great site, that you can put in your information and see exactly how much you will take home a week after taxes
You can play with the number of deductions for federal and state taxes, make your you put in your correct state as well
Payroll Calculator
Thanks This was cool!
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| Posted 1/16/11 1:19 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: another tax question-getting more in paycheck vs a refund..how?
Posted by queensgal
Not sure how 'large' your refund is.
If you currently claim zero, I would change it to claim one.
Then calculate the difference in your take home pay vs. what your refund was last year.
I.E. if you notice your paycheck goes up $50 and you get paid twice a month, then it is $1,200 per year.
You can subtract this $1,200 from the refund you got last year to estimate how much you would get this year.
If you still want more each payperiod, then change it to 2/3/ etc. I would do it one at a time. You don't want to end up owing!
Also - remember, your tax is your tax. Either you pay it each time out of a paycheck or at the end when you file - it doesn't change how much you actually end up paying.
Thank you!
I thought that getting more each pay period though was better for us then a lump sum?
Our refunds are usually at least 10K+ ( and we dont own a house, businesss etc,)
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| Posted 1/16/11 1:26 PM |
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lovemyfamily88
LIF Adolescent
Member since 5/10 641 total posts
Name:
????
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Re: another tax question-getting more in paycheck vs a refund..how?
Wow, 10,000 and you don't own a home. They must be really taking wayyyy to much from your Dh.
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| Posted 1/16/11 2:00 PM |
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Sweets13
Bella Bambini
Member since 5/05 9300 total posts
Name:
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Re: another tax question-getting more in paycheck vs a refund..how?
Posted by lovemyfamily88
Wow, 10,000 and you don't own a home. They must be really taking wayyyy to much from your Dh.
I was thinking the same thing. Either what you wrote or she has a very good accountant
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| Posted 1/16/11 2:07 PM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: another tax question-getting more in paycheck vs a refund..how?
Posted by Sweets13
Posted by lovemyfamily88
Wow, 10,000 and you don't own a home. They must be really taking wayyyy to much from your Dh.
I was thinking the same thing. Either what you wrote or she has a very good accountant
or 3 kids and a sucky income 
I do the taxes online for free..no accountant needed..
Scary thing is i used to work for the IRS...for YEARS...I knew it all and now those kids sucked all my brain cells from my brain I cant even figure out exemptions! Thank God i get nice money for having them
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| Posted 1/16/11 8:24 PM |
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