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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I believe that I have chosen too many withholdings and am worried

Resolved Question:

I believe that I have chosen too many withholdings and am worried about how large my tax bill will be. I make $65K/year and have two withholdings, despite the fact that I am single with no house and no dependents. I do have approx. 30K in investments and have contributed $2K in pre-tax 401K. I only worked half the year. Is it possible to help me determine how much I will owe the feds?
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.

Hello dantee,


If your gross income is $65,000 and you contribute $2,000 to a 401k plan, that brings your taxable income down to $63,000. After applying your standard deduction of $5,700 and one personal allowance of $3,650, that leaves you with taxable income of $53,650 for the year.


Your federal tax on that amount would be $9,594.



Thank you dantee



Merlo and other Tax Specialists are ready to help you
Customer: replied 7 years ago.
I just realized I only worked 5.5 months of the year. Does that mean that I only owe $4,397.25? Or (5.5/12)*9,594 = 4,397.25.

Also, just to confirm, is $4,397.25 on top of the $4648.61 that I already paid?
Expert:  Merlo replied 7 years ago.

Hello again dantee,


I based your taxes on earning a full $65,000 for the year.


Do you have your last paycheck stub handy or your W-2 form that shows the actual amount of your taxable wages with the 401k contributions not included.


You cannot just figure a percentage of the tax I gave you as the brackets will change.



Customer: replied 7 years ago.

Id Social Security Status Exemptions / Allowances Number
Code Paygroup Division Department
Earnings Rate Units Current YTD
Regular Earnings Salary - - 5416.67 35454.57
Group Term Life Imputed Income - - 0.91 6.37
Total Gross 5417.58 35460.94
Federal Income Tax 679.14 4648.61
Social Security (FICA) 326.74 2143.72
Federal Medicare 76.41 501.35
Washington, D.C. Income Tax 293.86 2011.54
Total 1376.15 9305.22
PreTax Deductions
Pretax Medical Insurance 132.39 794.34
Dental Insurance 8.24 49.44
Pre Tax Vision Insurance 6.83 40.98
401(k) Savings Plan - PreTax 325.00 650.00
Total 472.46 1534.76
AfterTax Deductions
Roth 401K 541.67 1083.34
Long Term Disability Insurance 15.71 94.26
GTL Offset Deduction 0.91 6.37
Total 558.29 1183.97
Net Pay 3010.68
Hire Date Period Start Period End Pay Date
06/15/09 12/01/09 12/31/09 12/31/09
Direct Deposit Accounts Amount
Checking - XXXXX 3010.68
Current YTD
W2 Gross Wages 4945.12 33926.18

I don't have a W-2, but I do have this info, is it sufficient?


Expert:  Merlo replied 7 years ago.

Hello again dantee,


Yes, that is very helpful.


After pre tax deductions, your gross reportable income is $33,926. After applying your standard deduction of $5,700 and your one personal allowance of $3,650, that gives you taxable income of $24,576. Your tax on that amount will be $3,261.


You paid in $4,648 in federal taxes so you should get a refund for $1,387 from the IRS.


In addition, it looks like you over paid your Wash DC taxes and should get a refund from them for around $514.


This is all based on the assumption that the earnings you had from your job are the only income you have for the year. If you have any other earnings at all from investments or unemployment benefits, this will increase the amount of taxes you owe.



Thank you dantee





Merlo and other Tax Specialists are ready to help you