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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Working Moms or anyone who knows about taxes & Income Tax Question?
I really don't want to keep getting large refunds at the end of the year and wondered what other working moms claim to NOT get a refund and basically get more money in their check each week.
My dh is currently claiming married 1 and I claim married 0.
Should we increase to get less so WE are making interest off our money, not the government??
Thanks!
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Posted 10/23/07 10:45 AM  |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Bump-No one? 
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| Posted 10/23/07 10:55 AM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
There are a lot of variables in determining your tax liability (dependents, mortgage interest, etc). I'd start with using the worksheet that comes with the W4 form to find out if you are having too much/too little withheld.
2007 W4
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| Posted 10/23/07 10:58 AM |
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nylisa
My Children
Member since 5/05 7905 total posts
Name:
MaMa
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
DH & I get less money with our returns but get more money in each pay check. We claim married 1.
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| Posted 10/23/07 11:05 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by babymakes3
There are a lot of variables in determining your tax liability (dependents, mortgage interest, etc). I'd start with using the worksheet that comes with the W4 form to find out if you are having too much/too little withheld.
2007 W4
Thanks!
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| Posted 10/23/07 11:08 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by nylisa
DH & I get less money with our returns but get more money in each pay check. We claim married 1.
Thanks. Do you BOTH claim married 1?
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| Posted 10/23/07 11:08 AM |
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Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
If you claim married 1, they will withhold less.
DO you have your taxes done by an accountant? They should be able to tell you what to claim when they prepare your taxes this year.
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| Posted 10/23/07 11:17 AM |
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nylisa
My Children
Member since 5/05 7905 total posts
Name:
MaMa
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by hazeleyes33
Posted by nylisa
DH & I get less money with our returns but get more money in each pay check. We claim married 1.
Thanks. Do you BOTH claim married 1?
Yes we both claim married 1
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| Posted 10/23/07 11:22 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by Michelle
If you claim married 1, they will withhold less.
DO you have your taxes done by an accountant? They should be able to tell you what to claim when they prepare your taxes this year.
We go to H&R Block and use the same woman every year. She told us what we were doing is fine but I would rather get money now instead of tax time.
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| Posted 10/23/07 11:24 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by nylisa
Posted by hazeleyes33
Posted by nylisa
DH & I get less money with our returns but get more money in each pay check. We claim married 1.
Thanks. Do you BOTH claim married 1?
Yes we both claim married 1
Thanks!
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| Posted 10/23/07 11:24 AM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
I think i know what you mean. i actually claim "3" and still get $ back at the end of the year but definitely not as much as I would if I only claimed 1. HTH.
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| Posted 10/23/07 11:55 AM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by ilt1221
I think i know what you mean. i actually claim "3" and still get $ back at the end of the year but definitely not as much as I would if I only claimed 1. HTH.
Thanks!
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| Posted 10/23/07 11:58 AM |
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Tracey
***********
Member since 5/05 6297 total posts
Name:
Tracey - brideinapril
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by hazeleyes33
Posted by ilt1221
I think i know what you mean. i actually claim "3" and still get $ back at the end of the year but definitely not as much as I would if I only claimed 1. HTH.
Thanks!
ITA - I used to claim 0 and got so much taxes taken out - i would get a huge refund at the end of the year.
But I wanted more money in my paycheck, so now I claim married 1 and definelty see a big difference.
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| Posted 10/23/07 12:03 PM |
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mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by hazeleyes33
Posted by ilt1221
I think i know what you mean. i actually claim "3" and still get $ back at the end of the year but definitely not as much as I would if I only claimed 1. HTH.
Thanks!
be careful though because it really is in accordance with what you make and what you can write off. I have been instructed to still claim Married 0...I will determine based in what I get back this year what to adjust it to (we just bought a house in January)
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| Posted 10/23/07 12:04 PM |
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Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
The tax tables do not take into consideration that you may itemize your deductions. So if you own a house and have RE taxes and Mortgage interest that is high, you will be getting a big refund if only claiming married 1. Can you ask Payroll how much less they would withold if you went to Married 2?
Also H&R Block is not the best in tax planning, she said you are fine becuase you are getting a refund, you would only not be fine if you owed.
Message edited 10/23/2007 12:40:50 PM.
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| Posted 10/23/07 12:40 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by Michelle
The tax tables do not take into consideration that you may itemize your deductions. So if you own a house and have RE taxes and Mortgage interest that is high, you will be getting a big refund if only claiming married 1. Can you ask Payroll how much less they would withold if you went to Married 2?
Also H&R Block is not the best in tax planning, she said you are fine becuase you are getting a refund, you would only not be fine if you owed.
Thanks so much!
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| Posted 10/23/07 1:05 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
If you get a fixed salary every week, you can also just tell HR the exact $ amount that you want to have withheld in Fed/State/City (if applicable) taxes. The W4 is just a guide to help people when they don't know how much to have withheld.
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| Posted 10/23/07 1:52 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by bomb-blast
If you get a fixed salary every week, you can also just tell HR the exact $ amount that you want to have withheld in Fed/State/City (if applicable) taxes. The W4 is just a guide to help people when they don't know how much to have withheld.
Thanks.
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| Posted 10/23/07 2:04 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Working Moms or anyone who knows about taxes & Income Tax Question?
Posted by Tracey
Posted by hazeleyes33
Posted by ilt1221
I think i know what you mean. i actually claim "3" and still get $ back at the end of the year but definitely not as much as I would if I only claimed 1. HTH.
Thanks!
ITA - I used to claim 0 and got so much taxes taken out - i would get a huge refund at the end of the year.
But I wanted more money in my paycheck, so now I claim married 1 and definelty see a big difference.
If you don't mind (you can fm me if you want), can I ask if it is a big difference in money each week?
Thanks!
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| Posted 10/23/07 2:05 PM |
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