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I was confused by the fact when the option came up to hold federal taxes, it stated you can have 10% taken out each week, or pay these taxes at the end of the year.... I am like pay them at end of year?
I was under the idea their was no paying the taxes and you break even with Federal to where you should never owe.
The first $9,500 of income in a year for an individual is pretty-much tax-free, federally. If that's all you received in unemployment benefits and you had no other income, you don't owe anything.
Some people like the idea of getting money back from the government. It forces them to save. In my view, this is silly and for people who can't discipline themselves to live within their means AND save. If you don't owe anything, your withholding is an interest-free loan to the government. That money could be invested. But, if you don't know anything but banks and cd's, right now it's probably not costing that person anything b/c interest rates are zero.
Anyone know if 2011 is available on the MASS.gov site yet? I was able to print out last year's 2010, but currently the page is down for maintenance, so can't check if 2011 is there...
They are available online in Georgia, and have been since last week.
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