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You are probably claiming too many allowances. To have more taxes taken out of your paycheck you need to reduce your allowances to one or 2 OR on line 6 put how much you want to withheld from each check.
You need to turn in a new w4 and reduce number of allowances. The reason why no taxes are taken out of your paycheck is because your income is to low to have any tax liability if you claim married and 2 dependents. The more allowances you claim, the less tax is withheld from your paycheck.
The w4 is used to tell your employer how much tax to withheld. The payroll department is using payroll tables to determine how much to withhold. If you spouse is not working, you will be looking at about $4300 in tax (assuming both of your children are under 16). How many allowances do you claim? You shouldn't claim more than 4 if your spouse is not working but if nothing had been withheld for over 6 month I would claim married 1.
You need $700 taken out from your paycheck each month until end to cover your liability.
How many did you claim on your last w4?
Is your wife collecting social security disability? With your income - 76800 per year - 85% of her disability will be taxable.
Well, that's the reason why no taxes are taken out of your paycheck. If I claim 5 dependents plus your spouse and you, you liability would be $500. Yes, I would start with married and 1.
Your wife's social security will be taxable because of your income, 85% of it will be included in your joint income, to be exact.
I would suggest you spouse have at 15% taken out of her SS check as well.
Do you know how much of your wife get?
Yes, with your income and married 1 your employer should be taking taxes from your paycheck. According to the online payroll calculator claiming married and 1, at 6400 per month, your employer should take out 725 every month in federal taxes. This is under assumption that you don't have any pre tax deduction like contributions to 401K, medical or other fringe benefits, and 6400 are your taxable wages.
Your bonus will be taxes flat 25%, regardless what you claim on your w4.
Supplemental wages like bonuses are taxed at 25%. That's the federal income tax. The rest are social security, Medicare and state/local taxes. Yes, it is possible if you combine all taxes together, it will come to 42%.
If I claim married and 2 and account for the 401k, you should still have about 620 taken out for federal taxes.
If you claimed married and 2 and nothing had been withheld than the problem is with your processing department and giving them another W4 will probably not fix it. What is says on your last paystub? Married and 2?
It can take up to two payroll cycle to change it but if it is married, you should have had taxes withheld. They may have updated the married status and number of allowances but didn't remove the exempt status that's override everything.
You have to go directly to you HR or payroll, and tell them to check the software and update it. You may also need to send an estimated payment, 4 - 5k before the end of the year to make up for the loss.
What's probably happening the payroll department haven't removed the exempt status. So it doesn't matter what you claim on w4 it will default to the exempt. You can also request to have little extra taken out.
Put it on line 6 on your new W4. Claim married and 1 and talk o payroll or HR manager.
Anything else I can help you with today?
Starting page 44 you have payroll tables. You can print them and show them how much they should be withholding:
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