Have a Tax Question? Ask a Tax Expert
Hi my name is Mark. I will be happy to help you with your tax questions. Could you be more specific with your question.
Ok, please tell me more about your status. Are you married? Do you have any dependents?
Ok, how often do you get paid?
When completing the W-4 how many allowances did you select?
No need to apologize. Yes, the amount in box H.
8 is a large number for allowances. I assumed that you claimed single. Based on my calculation your gross wages are just under $2700 per paycheck. What is the amount of federal withholding each check?
The 165.59 is the amount of federal withholding?
Ok, please give a few moments and I will do a quick projection. Do you usually itemize or use the standard deduction? Are both of your children under 17? How much are you contributing to the HSA?
I did a quick projection based on wages of $70,000, as head of household, with 2 children, and withholding of $166 per paycheck. The result was that you came up owing just under $500 for federal income taxes. This is just a rough estimate the actual amount may be higher or lower.
Let me check on Georgia. There is no way to lower the amounts To claim 10 allowances you would need to provide the government proof. With 8 allowance you are going to be slightly under deposited.
That you have 9 or more dependents. By under deposited. I mean that you will likely owe money.
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Please let me know if you have any questions or need clarification. I am happy to help
I think you should lower your number of allowances a little perhaps to 6. This is going to result in more being withheld from your paycheck. You will probably get a small refund at the end of the year.
You look like you could have less withheld from your state taxes. I would say you could reduce your state withholding be $20.
Based on the quick projection it looks like you would receive a refund of about $1000. This is just an estimate as the actual amount could be a little higher or lower.
Sure no problem. If you lower your allowance more money will be withheld for Federal withholding. You could offset this by decreasing what is being withheld to GA. If you leave everything the same you would owe a little on your federal return and receive a refund from GA that should exceed the amount that you would owe to the Feds.
If you look at the combine federal and state taxes based on your current withholdings you will receive a small refund.
Please let me know if you have any other questions or need clarification. I am happy to help.