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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1008
Experience:  Certified Public Accountant
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Help with taxes

Customer Question

help with taxes
Submitted: 3 months ago.
Category: Tax
Expert:  Mark Taylor replied 3 months ago.

Hi my name is Mark. I will be happy to help you with your tax questions. Could you be more specific with your question.

Customer: replied 3 months ago.
I need help with my w-4 form because it doesn't seem correct and i want to make sure that I have it so I am bringing home the most money in each check versus on my refund. It doesn't seem correct because my biweekly salary is a lot more now than before and my direct deposit is only 200 more than it was when i made 16k less. no one has been able to help me understand and I want to make sure i have all of my deductions set up correctly
Expert:  Mark Taylor replied 3 months ago.

Ok, please tell me more about your status. Are you married? Do you have any dependents?

Customer: replied 3 months ago.
I am single.
I have 3 kids, but am only claiming 2 this year
they are twins so childcare is over 2k
my salary is less than 70 k as it mentions in g
i live in ga. do i need to fill out another form for that? because i didn't.on my pay stub it has 8 deductions for fed, and 4 for ga. i am pretty sure i need to correct that because my sons dad is claiming him this year and i forgot that when i initially filled it outalso i do have the fsa for the childcare but i am not quite sure how that really works because this is my first year doing it so i was considering taking it offi basically got a 16k raise with my new job but my direct deposit is only 200 more than it was before i even got the new job
Expert:  Mark Taylor replied 3 months ago.

Ok, how often do you get paid?

Customer: replied 3 months ago.
Bi weekly
Customer: replied 3 months ago.
every other friday
Expert:  Mark Taylor replied 3 months ago.

When completing the W-4 how many allowances did you select?

Customer: replied 3 months ago.
ok I apologize in advance because I may seem completely lost when it comes to this. Do you mean how many did I list on item H?
Customer: replied 3 months ago.
On the W4?
Expert:  Mark Taylor replied 3 months ago.

No need to apologize. Yes, the amount in box H.

Customer: replied 3 months ago.
8
Customer: replied 3 months ago.
someone told me i moved out of my previous tax bracket so i have to pay more? but i just want to be able to actually understand and know for myself exactly what my money is doing
Expert:  Mark Taylor replied 3 months ago.

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?

Customer: replied 3 months ago.
ok, so is having a large number bad? yes, 2730 is my bi weekly check amount165.59 is how much my check stub says
Expert:  Mark Taylor replied 3 months ago.

The 165.59 is the amount of federal withholding?

Customer: replied 3 months ago.
it says:fed withholding 165.59
fed med/ee 37.05
fed oasdi/ee 158.44
ga withholding 134.48
Expert:  Mark Taylor replied 3 months ago.

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?

Customer: replied 3 months ago.
ok...itemize or standard on my taxes for the year? i think itemize because i use turbo tax and it lets you enter everything individuallyyes, they are 2.the fsa is for childcare and i did 1500 annually so its 78.95 per checkI do have health insurance too which is 99.21 per check
Customer: replied 3 months ago.
just seems like so much wasted money
Expert:  Mark Taylor replied 3 months ago.

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.

Customer: replied 3 months ago.
basically it is pretty standard?
Customer: replied 3 months ago.
that was with 8 deductions? or what should i change it to? is there a way to make those amounts less? what about the georgia amount?
Expert:  Mark Taylor replied 3 months ago.

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.

Customer: replied 3 months ago.
what do you mean under deposited?
Customer: replied 3 months ago.
what proof would i need?
Expert:  Mark Taylor replied 3 months ago.

That you have 9 or more dependents. By under deposited. I mean that you will likely owe money.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Please let me know if you have any questions or need clarification. I am happy to help

Customer: replied 3 months ago.
i really don't think you answered my question as to what i should put on the form.
Customer: replied 3 months ago.
i do not need to owe money, if i can correct the form now and make the necessary changes.
Expert:  Mark Taylor replied 3 months ago.

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.

Customer: replied 3 months ago.
plus, you did not help me with the ga portion
Expert:  Mark Taylor replied 3 months ago.

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.

Customer: replied 3 months ago.
can you explain your previous message is regular termsso if i lower it to 6, i will make less money per paycheck? versus owing?and change the ga to?
Expert:  Mark Taylor replied 3 months ago.

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.

Expert:  Mark Taylor replied 3 months ago.

If you look at the combine federal and state taxes based on your current withholdings you will receive a small refund.

Customer: replied 3 months ago.
ok.
Expert:  Mark Taylor replied 3 months ago.

Please let me know if you have any other questions or need clarification. I am happy to help.

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