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How do I owe taxes?
I'm single, made just over 28,000. Claim 0 and have no stocks or anything. Just my one job. And I owed like 150 bucks. How is that possible?
6 Answers
- Nuff SedLv 77 years ago
Most people don't actually "owe" taxes on April 15, having already paid too much in the prior year's withholdings or estimated tax payments. If your account is within 10 percent of your tax liability, you're doing great. It's better to owe a little than to have "loaned" the IRS your money, interest free, and then have to beg to get a refund...
- ?Lv 77 years ago
So?
Yeah, the W-4 withholding system is not perfect. While single/0 or even single/1 should have been enough to cover the bill, it's not a guarantee.
If you don't like owing a mere $150, then you can add $10 per pay period to the W-4.
- troLv 77 years ago
if you claimed 0 on your W-4 they would have been withholding the maximum they can on your gross
it sounds like they failed to do this if you owe $150
check with your pr dept to see what they have for your withholding
owing $150 is not a bad thing since you had the use of your money all year
- JudyLv 77 years ago
It does sound like something night be wrong. With one job, on a W-2, claiming 0 on your W-4, and no other income, normailly they'd take out more than enough. Please post again showing what's in box 1 and 2 on your W-2. Are you a dependent? Who did your taxes, or did you do them yourself?
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