Income Taxes (pay, rent, deposit, credit)

[BoredRestless]

Early birds are filing income taxes now. What did yours come out to? Here's mine:

Federal - $2,750.00 OWED
State - $441.00 REFUND

I'm not happy because federal was already my biggest deduction each pay check, although I knew I would owe the whole time.

Taxes are killing me!

[dedratermi]

Originally Posted by BoredRestless

Taxes are killing me!

What's your effective tax rate? You might be surprised at how low it is compared to what it would have been in the past...

[BoredRestless]

Originally Posted by dedratermi

what's your effective tax rate? You might be surprised at how low it is compared to what it would have been in the past...

12.2%.

[Petunia 100]

I owe $987 federal, will receive $887 back from the state. So yeah, I estimated my withholding well enough.

[unknownuser123]

i had my w4 set at 6 and 6 and got a refund from both state n fed.

i try to get it as close as zero as i can. this year (2014) because of tax law changes i have to factor that in and maybe redo my w4

[Gandalara]

Sigh. All you early filers. I'm jealous. Would like to get done with and out of the way.

I always get corrected 1099's, so I have to wait.

[cb73]

I got way too much interest, dividends and distributions through the year and I'm currently living in "it will all work out fine" fantasy land.

Some time in the next week or so I'll do a tentative return--that'll give me plenty of time to cry and moan.

[chellemi808]

I owe $996 Federal taxes because when I filled out my W-4 it asked if I had a kid for the child tax credit (two allowances) and I said yes because I do. What it didn't tell me was that if my kid turns 17 during the tax year, I don't qualify for the credit.

I am sure it is all spelled out somewhere, but I was taken by surprise when I found out I owed that much because of the lack of information on the W-4. (My fault, but still sad.)

$7 refund for state which I checked the box to donate it to the wildlife fund. I love that they have that option.

[Lowexpectations]

Originally Posted by BoredRestless

12.2%.

And that's killing you? Lol


Are you maxing a 401k?

[BoredRestless]

Originally Posted by Lowexpectations

And that's killing you? Lol


Are you maxing a 401k?

I know I'm just complaining because of all the stuff I could buy if it weren't for federal taxes. I thought I would owe $1,000 not $2,750 when filing, I'm about to move and the difference is basically deposit and first months rent that I can't use anymore. 12.2% just for federal taxes alone is still a lot I think.

No my company doesn't do 401k match so I stopped contributing and put that money in other assets.