I am getting an unusually high amount of money in my federal and state tax

Mar 2, 2021
5:26:06pm

Beggar All-American

returns. Do I adjust my withholdings for the rest of the year or do I wait and see how any tax changes this administration makes impacts me next year then adjust?

Report problem with this ad

Beggar

Previous username: Eastside
Bio page: Beggar
Joined: May 3, 2001
Last login: May 4, 2024
Total posts: 33,621 (91 FO)

Report problem with this ad

Messages

Author

Time

I am getting an unusually high amount of money in my federal and state tax

Beggar

3/2/21 5:26pm

<< Deleted >>

TwinsRight

3/2/21 5:32pm

Split the difference and adjust them a little

TwinsRight

3/2/21 5:36pm

Could also not do any withholding and put it in a savings account to pay full

Powerbait DPM

3/2/21 6:04pm

I screwed up big time this year. Combination of new software, bonuses being

doctorcoug

3/2/21 6:17pm

Tell me more about bonus withholding.

Beggar

3/2/21 6:55pm

My understanding is that is withheld at the rate as if it was the rate of your normal income, so

BeyondTheMark

3/2/21 7:17pm

Sounds like your employer did the aggregate method, which feels like 40 percent

doctorcoug

3/2/21 7:18pm

I'm sure the government loved the interest free loan.

draperman

3/2/21 7:11pm

I always use the IRS withholding calculator to get an idea.

Bin01015

3/2/21 8:01pm

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad