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What am I doing wrong with my earnings?
Single, no dependants,self claim on taxes, no deductions. gov't takes 18,000/yr in taxes, I get back the equivalant of 1 paycheck on my tax return. If I am in the 25%$ tax group is their anything I can do to maximize my return or for the amount taken out every check to be less?
2 Answers
- STEVEN FLv 77 years agoFavorite Answer
To maximize your refund (the return is the DOCUMENT you file), you can change line 7 of your W-4 to withhold as much extra as you wish. Every extra $ you have withheld increases your refund.
To maximize your take home pay, increase the number of WITHHOLDING ALLOWANCES claimed on your W-4. There is actually no such thing as claiming dependents on the W-4.
Given that you said NOTHING about your actual finances, we can only make BAD guesses about how to reduce your actual tax liability. I can refer you to the withholding calculator on the IRS website to determine how to match your withholding more closely to your actual tax liability.
- ?Lv 67 years ago
Contribute to a 401k at work or an IRA if you can. It will reduce your taxable income and provide for a wealthier retirement.
