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Thu Feb 4, 2021, 01:24 PM

Taxes - 2020 W-2 had quite a surprise almost nothing withheld

$130 for the entire year. Should be a couple thousand.

My wife opened the W-2s we got in the mail only to find Id barely paid anything. I switched positions within an organization last February. My withholding for the first 5 weeks was about right.

I contacted HR. They got back with me today. They said thats correct. I checked off 2-Married filing Jointly and one dependent ($2,000). HR said it had something to do with people getting their EITC during the year rather than at tax time. I have no idea how that affects me but ....here we are. The person I spoke to at HR said shes been getting a lot of calls on this. Ill bet she has.

The pandemic nest egg will be diminished a bit but well be okay. Ive filed a new W-4 for 2021.

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Reply Taxes - 2020 W-2 had quite a surprise almost nothing withheld (Original post)
underpants Feb 2021 OP
Phoenix61 Feb 2021 #1
sdfernando Feb 2021 #2
Tom Rinaldo Feb 2021 #5
haele Feb 2021 #3
underpants Feb 2021 #4
Yavin4 Feb 2021 #6
Tink41 Feb 2021 #8
BlueLucy Feb 2021 #7

Response to underpants (Original post)

Thu Feb 4, 2021, 01:28 PM

1. This is what everyone said would happen.

That tax cut for the non billionaires was nothing but screwing with the withholding amount. Sure checks were bigger but come tax time you better be able to scrounge up the money.

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Response to Phoenix61 (Reply #1)

Thu Feb 4, 2021, 01:58 PM

2. Yep, I remember this at the time

I upped my additional withholding so I wouldn't get screwed at tax time. Looks like I'll owe the FED less than $200 this year.

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Response to sdfernando (Reply #2)

Sat Feb 6, 2021, 12:17 PM

5. It was always all about "cooking the numbers" to help Trump win the election

He didn't give a fuck if a whole lot of folks unexpectedly ended up owing money to the IRS when they had been counting on a refund. That bill came due after their votes were already cast.

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Response to underpants (Original post)

Thu Feb 4, 2021, 02:21 PM

3. I cut my withholding to the bone and still will end up owing the Feds $3k because of their IRS BS.

Doesn't help that I had a one-time $12K settlement, a new job in March (with slightly higher pay)and my Reserve Retirement started last year. I do get ~$1200 back from the State of California, but that will only cover just under 1/2, and we still have to come up with registration fee for the girl's next year of school - around $800 for the both of them. Just another big ould ouch, added to still paying off the Student Loan and the HVAC replacement we needed to get last month.

Being a working adult is a never ending empty pocket.

I started upping the tax taken out from the Retirement back in October when I ran everything through the IRS calculator, but that tax trick T**** and Mnuchin pulled back in October was still worse than useless for those making over $60K a year.

And this year, who knows? I don't mind paying my fair share of taxes to provide services, but still, I'd like to see those services materialize at least for those below me on the economic food chain.

Haele

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Response to haele (Reply #3)

Sat Feb 6, 2021, 12:02 PM

4. I should have been more diligent I guess.

The HR person called and said that according to their calculations $2.59 would none the proper amount per payday (26 annually). I increased the withholding up to 12%.

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Response to underpants (Original post)

Sat Feb 6, 2021, 12:20 PM

6. Monkeying around with withholding has a two-fold purpose.

1. Give you the illusion of a bigger paycheck when it's not.

2. Make you angry at tax time when you have to pay it back. So angry that you will vote for Republicans.

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Response to Yavin4 (Reply #6)

Sat Feb 6, 2021, 01:04 PM

8. I adjust mine to the job.

At least I used to, all the write offs I had are long gone, thanks to one who shall remain unnamed. For example some jobs could work 70 hrs a week with the pay totaling 91 hrs a week. I'd be taxed like I made that all year not a few weeks, months. On a big OT job you would claim max deductions, and normal 40hr drop down to 0. It all evened out, not anymore. Whatever they did with the standard deduction has screwed things up so badly. Have to claim 0 deductions all the time now. Nothing can be written off, mortgage, work expenses, dues, parking, clothes, tools. GONE!

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Response to underpants (Original post)

Sat Feb 6, 2021, 12:27 PM

7. Social Security and Medicare

Trump with the blessing of Republicans stopped collecting for SS and Medicare. In a effort to sink the programs.

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