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The Water Cooler
General Discussion
Wanenmacher gun show April 1-2
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<blockquote data-quote="MilitantBEEMER" data-source="post: 3983203" data-attributes="member: 44437"><p>We are claiming zero deductions and still got hit hard. Unfortunately, all the old deductions that we used to be able to use have been eliminated over that past several years. (Mileage being a BIG one)</p><p>The other issue is, even though we both claimed zero, our amount of federal taxes taken out was ~10% for me and 2% for my wife. I am not sure how they do the calculations? We learned a valuable lesson, run the tax calculator math and make sure the employers are taking out enough. (A big portion of my income 50% came in the late 3rd and early 4th quarter. At that point we did not realize the tax implication of that much income in that short of a period of time) </p><p>The good news is we are debt free thanks to that 3rd and 4th quarter income and have (had) a fully funded 3 months of expenses saved. We will be fine but it still hurts!</p></blockquote><p></p>
[QUOTE="MilitantBEEMER, post: 3983203, member: 44437"] We are claiming zero deductions and still got hit hard. Unfortunately, all the old deductions that we used to be able to use have been eliminated over that past several years. (Mileage being a BIG one) The other issue is, even though we both claimed zero, our amount of federal taxes taken out was ~10% for me and 2% for my wife. I am not sure how they do the calculations? We learned a valuable lesson, run the tax calculator math and make sure the employers are taking out enough. (A big portion of my income 50% came in the late 3rd and early 4th quarter. At that point we did not realize the tax implication of that much income in that short of a period of time) The good news is we are debt free thanks to that 3rd and 4th quarter income and have (had) a fully funded 3 months of expenses saved. We will be fine but it still hurts! [/QUOTE]
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Wanenmacher gun show April 1-2
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