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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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why do i get taxed more in federal taxes if i get paid weekly

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I just recently changed jobs. I work in NJ and am making the same amount at my current job as i was at my old job. I receive an annual salary of $65,000 per year and am getting paid weekly. The federal tax however, that was being taken from my old job was $25.90 based on a $1250 gross pay (I was getting paid bi-weekly). At my new job-- the federal tax being taken out is $118.79 based on the same weekly gross income of $1250 (I get paid weekly at my new job). I haven't changed anything in terms of my filing status (single/head of household w/7 exemptions) and am wondering why the big difference in my paycheck? Could this be an accounting error? Or am i being taxed more because i get paid weekly vs. bi-weekly? If this is the case... why?
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.

Your income was $1250 bi-weekly and now it is $1250 weekly - this is the reason for higher federal tax being taken out. As long as you are in lower tax brackets, you get taxed at lower rate. With income being almost doubled, you tax bracket is higher and hence, you owe more taxes. So higher withholding is required.

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

Customer: replied 7 years ago.
Reply to Renu V's Post: No Im sorry--- my income is the same.... $65,000 a year. I was being paid bi-weekly at my old job so my paycheck was for example: $2500 gross and the federal taxes that were being taken out were only like $25.90. I am still getting paid $65,000 a year only now i get paid weekly ($1250 gross) but the federal taxes being witheld are $118.79!!! Why the drastic change? I did not change anything on my W4 (still single/head of household w/ 7 exemptions) shouldn't my pay remain the same????
Expert:  RD replied 7 years ago.

The federal withholding of $118.79 is about the right amount. It seems that the earlier company was not taking the right amount of taxes from your paycheck for bi weekly payroll.

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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