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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I live in Virginia. I own my business and i am set up as an

Resolved Question:

I live in Virginia. I own my business and i am set up as an employee. My husband claims me as a dependent.
My accountant has not been taking out federal taxes from my check this year and said it was due to the stimulus bill. I'm worried that I am going to end up owing a bunch of money.
For 2009, I have grossed 11,000 and have had $135.00 in federal taxes taken out.
Should federal taxes be taken out or what??
Submitted: 4 years ago.
Category: Tax
Expert:  Merlo replied 4 years ago.
Hello tracie,

Is your company set up as an LLC, S Corp or C Corp?

Has your accountant been withholding any SS and Medicares taxes from your checks?

Customer: replied 4 years ago.
s corp
yes, ss and medicare are being deducted.
Expert:  Merlo replied 4 years ago.
Hello again tracie,

The only stimulus bill that is available for 2009 is the program called "Making Work Pay", which will basically amount to a tax credit of $400 for individuals or $800 for married couples. That tax credit is being passed along by the IRS in the form of reduced withholding rates that employers use when figuring tax to be withheld from employee paychecks.

Your said your SS and Medicare taxes have been withheld, so at least that will not be an issue. And as far as your federal income tax, what it will really depend on is how much tax your husband is having withheld from his checks.

Since you and your husband file a joint return, it is your combined income that will ultimately determine how much tax is due for the year. If your husband is having enough tax withheld to cover what you will both owe, then you will not have any problems.

What you need to do is figure what your combined income will be for the year, and then take a look at how much federal and state tax is being withheld from your husband's paychecks each pay period, and figure up what that will total at the end of the year that he has paid in. Give those figures to your accountant and he can then estimate what your actual tax liability will be. If it ends up there is a shortfall in what you will owe and what is being withheld from your husband's checks, then you should be paying in the difference.

I can also make those estimations for you if you have the information available to give to me. I would need an estimate of your total earnings for the year (both you and your husband) an the total amount of taxes that will be withheld from his pay by year end.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you tracie

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Merlo and other Tax Specialists are ready to help you

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