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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Payroll Deductions
Sorry if this is a personal question, but as homeowners, how many deductions do you taken out of your paycheck? Also, based on the amount of deductions, do you still get a refund?
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Posted 5/8/07 12:09 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: Payroll Deductions
i think my DH takes 1 or 2. He never changed it when DD was born. We got a refund this year.
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| Posted 5/8/07 12:16 PM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Payroll Deductions
I take zero & DH takes 2...We got a refund this year
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| Posted 5/8/07 12:20 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Payroll Deductions
Posted by Kissy331
I take zero & DH takes 2...We got a refund this year
Same here. Actually the first year we did get a refund but we think it's because of the baby.
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| Posted 5/8/07 12:25 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Payroll Deductions
we both clain single zero and get a huge tax return each year.
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| Posted 5/8/07 12:28 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Payroll Deductions
So, you don't take out additional deductions for your home?
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| Posted 5/8/07 12:30 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Payroll Deductions
Posted by Pumpkin1
So, you don't take out additional deductions for your home?
What kind of deductions? I think you can only deduct for number if people in your family...like kids or other dependents.
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| Posted 5/8/07 12:34 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Payroll Deductions
Posted by Lisa
Posted by Pumpkin1
So, you don't take out additional deductions for your home?
What kind of deductions? I think you can only deduct for number if people in your family...like kids or other dependents.
I don't own a home, so you are probably right. I thought you could take out deductions for your mortgage, since you can deduct that in your taxes.
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| Posted 5/8/07 12:41 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Payroll Deductions
DH claims 1, I still do 0
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| Posted 5/8/07 12:42 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Payroll Deductions
DH claims 0 and I claim 1
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| Posted 5/8/07 12:55 PM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Payroll Deductions
Posted by Pumpkin1
Posted by Lisa
Posted by Pumpkin1
So, you don't take out additional deductions for your home?
What kind of deductions? I think you can only deduct for number if people in your family...like kids or other dependents.
I don't own a home, so you are probably right. I thought you could take out deductions for your mortgage, since you can deduct that in your taxes.
deductions from your paycheck is only for dependents.
We claim the interest that we paid on our mortgage, each year on our taxes. Its the one thing (interest wise) that wasnt taken away.
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| Posted 5/8/07 12:56 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: Payroll Deductions
DH and I were both claiming Single 1. Now that we have the mortgage, my accountant advised me to claim Married 9 and DH is still Single 1. We like to breakeven (no refund). I do not plan on giving the gov an interest free loan!
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| Posted 5/8/07 1:02 PM |
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nixy
LIF Adult
Member since 9/06 1575 total posts
Name:
K
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Re: Payroll Deductions
Posted by Lisa
Posted by Pumpkin1
Posted by Lisa
Posted by Pumpkin1
So, you don't take out additional deductions for your home?
What kind of deductions? I think you can only deduct for number if people in your family...like kids or other dependents.
I don't own a home, so you are probably right. I thought you could take out deductions for your mortgage, since you can deduct that in your taxes.
deductions from your paycheck is only for dependents.
We claim the interest that we paid on our mortgage, each year on our taxes. Its the one thing (interest wise) that wasnt taken away.
You can claim as many dependants as you want, but it will all even out at tax time. The logic is, is that if you own a home and have the tax break there, you will probably still get $ back, even if you don't have any depenants.
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| Posted 5/8/07 1:03 PM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: Payroll Deductions
Posted by KvsGrl
DH and I were both claiming Single 1. Now that we have the mortgage, my accountant advised me to claim Married 9 and DH is still Single 1. We like to breakeven (no refund). I do not plan on giving the gov an interest free loan!
Someone I work with does the same thing...
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| Posted 5/8/07 3:45 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Payroll Deductions
Posted by KvsGrl
DH and I were both claiming Single 1. Now that we have the mortgage, my accountant advised me to claim Married 9 and DH is still Single 1. We like to breakeven (no refund). I do not plan on giving the gov an interest free loan!
married 9? will they even take anything out?
I claim married 1 and I think my DH claims married 0 or single 0- but he gets a ton of write offs b/c of his job- so we got a refund this year- we need to buy a house soon so we can have more write offs
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| Posted 5/8/07 4:00 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Payroll Deductions
My husband and I both put single 0 and we still somehow end up owing money! I guess that's a good thing though - you cant owe money if you arent making money!
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| Posted 5/8/07 4:48 PM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: Payroll Deductions
Posted by Beth1210
Posted by KvsGrl
DH and I were both claiming Single 1. Now that we have the mortgage, my accountant advised me to claim Married 9 and DH is still Single 1. We like to breakeven (no refund). I do not plan on giving the gov an interest free loan!
married 9? will they even take anything out?
I claim married 1 and I think my DH claims married 0 or single 0- but he gets a ton of write offs b/c of his job- so we got a refund this year- we need to buy a house soon so we can have more write offs
They still take 10% of my gross pay out. They used to take about 20% when I claimed single 1.
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| Posted 5/8/07 5:00 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: Payroll Deductions
Posted by KvsGrl
DH and I were both claiming Single 1. Now that we have the mortgage, my accountant advised me to claim Married 9 and DH is still Single 1. We like to breakeven (no refund). I do not plan on giving the gov an interest free loan!
Our accountant pretty much told us the same thing. Especially if you receive guaranteed yearly bonuses it's better to depend on that then tax refunds and have more money in your take home.
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| Posted 5/9/07 8:40 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Payroll Deductions
i file married 1 and DH works off the books. we got a decent refund this year.
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| Posted 5/9/07 9:55 AM |
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