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Wow. You guys were right. My federal withholding tax is $4,820.20 and my IL withholding tax is $1,464.68.
I actually only have contributed $618.75 to my 401K and with matching my 2013 total is $1,128.
I contributed $2,125 to social security. Do I have to do that? Or can I change that amount?
Did you fill out the W-4 for the correct number of personal allowances? If you are single and nobody can claim you as a dependent, there are 2 personal allowances.
Did you fill out the W-4 for the correct number of personal allowances? If you are single and nobody can claim you as a dependent, there are 2 personal allowances.
Wow. You guys were right. My federal withholding tax is $4,820.20 and my IL withholding tax is $1,464.68.
I actually only have contributed $618.75 to my 401K and with matching my 2013 total is $1,128.
I contributed $2,125 to social security. Do I have to do that? Or can I change that amount?
You also need to take a look at how much interest you are paying back each year on the student loan you're paying. That amount plus the $619 contributed to your 401k equals the amount of Deductions/Adjustments on pg 2 of the form W-4...Line 4. You get another allowance for every multiple of $3950 not counting fractions.
Check Illinois tax web site for the state form for withholding.
Yes you must pay the social security. That's the amount you are required to pay to entitle you to collect it later when you retire. Cannot be changed.
Keep in mind that if you get a second job, you may need to do this again. The form doesn't work well for two jobs and you need to do the calculations at the bottom of page 1 if you hold two jobs.
Even if the car was paid off, you still have $435 month for parking/auto insurance.
If you need a car for a weekend trip or vacation, etc, you can rent a car. Enterprise gives 50% off on rates for weekends most of the time. Plus you can find online coupon codes and get nice discounts at most of the rental agencies. Heck, if you had a training class somewhere for a week and needed a car, you can rent a car for a week. It's still cheaper than what you are paying now.
I have my own car but usually rent a car for road trips. It's fun to rent a car for trips because you always get a different car and it's always nice and new and clean and you don't have to put the high miles on your own car.
Last long weekend getaway we reserved/paid for an economy car for maybe $110 and got a free upgrade( they didn't have anything smaller at the rental agency) to a 2014 Dodge Charger fully loaded in bright red with a V6 and 8 speed transmission. It's not a car I would buy, but it was a blast for a 5 day weekend.
Is anyone else frightened by the fact that the OP has basically no grasp of money or finances, but is working as a financial analyst??
I was thinking the same thing. I believe the OP works for a top three credit bureau too and was fired at her previous job at a non-profit.
I live in Chicago and hear countless stories of people getting hire that are clueless. When I start digging into it, it sounds like they are affirmative action hires?
Is anyone else frightened by the fact that the OP has basically no grasp of money or finances, but is working as a financial analyst??
It's really not that hard to work as an analyst as long as you've got the right credentials and pass the certification exams. Plenty of people have financial problems and work in the corporate world. Not exactly a financial analyst, I'm a credit analyst. There is a difference.
It's more of a case of knowing how to network and getting in with the right crowd. If you need help with this, let me know!
Quote:
Originally Posted by sware2cod
Totally sell the car.
Even if the car was paid off, you still have $435 month for parking/auto insurance.
If you need a car for a weekend trip or vacation, etc, you can rent a car. Enterprise gives 50% off on rates for weekends most of the time. Plus you can find online coupon codes and get nice discounts at most of the rental agencies. Heck, if you had a training class somewhere for a week and needed a car, you can rent a car for a week. It's still cheaper than what you are paying now.
I have my own car but usually rent a car for road trips. It's fun to rent a car for trips because you always get a different car and it's always nice and new and clean and you don't have to put the high miles on your own car.
Last long weekend getaway we reserved/paid for an economy car for maybe $110 and got a free upgrade( they didn't have anything smaller at the rental agency) to a 2014 Dodge Charger fully loaded in bright red with a V6 and 8 speed transmission. It's not a car I would buy, but it was a blast for a 5 day weekend.
Thanks. I'm working on this now. Most likely going to do so when I receive my tax return since the cash will be readily available.
Quote:
Originally Posted by Chicago87
I was thinking the same thing. I believe the OP works for a top three credit bureau too and was fired at her previous job at a non-profit.
I live in Chicago and hear countless stories of people getting hire that are clueless. When I start digging into it, it sounds like they are affirmative action hires?
I was fired because my boss and I didn't get a long not because I couldn't do the work. Maybe you should have dug a little harder. Had nothing to do with affirmative action either. I applied numerous times to my current employer and heard nothing back even though I checked "african american". I actually have a mentor in a very high position who sent my resume to both Chicago and Boston offices, and this is when I received an interview offer and later a position. She put in a good word for me. So this was more of a "who you know case"..not "you're black" case.
And it's ashame that you're very close-minded. But then again, Chicago is one of the most segregated cities in the United States. And you're from here. There wasn't a personal finance class at my university, and like I mentioned my family isn't financially savvy. There are plenty of my 'majority' counterparts who started here when I did and still don't know what they're doing. It's all about learning.
Can we please stay on subject? If you want to know more about my past and how helpful affirmative action was for me since I graduated in 2009 and just found a job in 2013 (4 years later), I'll be sure to fill you in. Just send me a direct message.
You need to file your tax return asap, when you get the 2013 W-2. You need that to pay off some debt immediately with the huge refund.
I would do a dummy tax return online based on your last pay stub. It will provide a great estimate on your expected refund. My rough estimate is $1,000-1100 refund for 2 exemptions over 6 1/2 months. It does not take into account the additional tax deductions mentioned by Blondy.
You can pay off the largest interest credit card. Do not close your account. It will hurt your credit score, as your total debt utilization ratio will still be 90%. I would put this credit card away.
You need to shop for new auto insurance today, as cardinal2007 and blondysaid. A $195/month is too high, unless you have a bad driving record in the last 4 years. Since you have been employed over 6 months, your rates may be lower. When you did your last quote, did you choose "leisure" over "commute" for use, since you only use it on the weekend? Many places will give lower rates for having a low annual mileage.
You want to check out all the major guys: State Farm, All-State, Geico, Metlife, Nationwide, etc. You could get another $100/month starting today.
This will get you immediate money, until you can sell the car.
Last edited by move4ward; 01-04-2014 at 04:14 AM..
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