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The Water Cooler
General Discussion
Howard Dean, "The truth is everybody needs to pay more taxes, not just the rich.
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<blockquote data-quote="Hobbes" data-source="post: 2012190" data-attributes="member: 3371"><p>While I can't comment directly on his individual tax situation, if you under withold taxes during the year you could end up having to pay a penalty.</p><p></p><p>It happens sometimes to people who work more than one job. Each employer witholds taxes according to the IRS tax table which assumes the employee takes the standard deduction.</p><p>However, at tax time you only get to take one standard deduction, not one deduction for each job.</p><p>You will end up with a tax liability.</p><p>It used to happen to me because I worked two jobs so I started making estimated income tax payments during the year to avoid the penalty.</p><p></p><p>But the penalty is on your taxes owed, not your income, so I'm not sure how you can jump past an entire tax bracket.</p></blockquote><p></p>
[QUOTE="Hobbes, post: 2012190, member: 3371"] While I can't comment directly on his individual tax situation, if you under withold taxes during the year you could end up having to pay a penalty. It happens sometimes to people who work more than one job. Each employer witholds taxes according to the IRS tax table which assumes the employee takes the standard deduction. However, at tax time you only get to take one standard deduction, not one deduction for each job. You will end up with a tax liability. It used to happen to me because I worked two jobs so I started making estimated income tax payments during the year to avoid the penalty. But the penalty is on your taxes owed, not your income, so I'm not sure how you can jump past an entire tax bracket. [/QUOTE]
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