megarooski3
megarooski3 t1_jeek020 wrote
Reply to comment by themudcrabking in Taxes - No deductions but still owing?? by [deleted]
Thank you!
We were able to get a meeting with a CPA yesterday for today, so hoping someone can make sense of this. I know each person's situation is different, but i can say friends/colleagues of mine that are also making around the close to the same range as me and not claiming allowances/or further withholdings are not having this issue But thank you so much for all your help, these have been really helpful comments.
megarooski3 t1_jeeiml4 wrote
Reply to comment by PBRForty in Taxes - No deductions but still owing?? by [deleted]
Thank you! Yes, I'm meeting with a CPA this morning. When I was promoted about a year and a half ago I started making this range, I was not previously. Between getting married, buying a home, and job changes, I just haven't gotten around to it, but now I'm payin' tha piper so to speak.
megarooski3 t1_jeei8ht wrote
Reply to comment by themudcrabking in Taxes - No deductions but still owing?? by [deleted]
Thank you! I guess I'm confusing myself...I thought because I'm not claiming any dependents/allowances etc., I was being taxed at the max withholding level for my tax bracket. I guess that's not the case?
megarooski3 t1_jeei375 wrote
Reply to comment by Rave-Unicorn-Votive in Taxes - No deductions but still owing?? by [deleted]
Not sure if it even matters, but also may be important to know I'm a full time employee and not an independent contractor.
megarooski3 t1_jeehkif wrote
Reply to comment by Rave-Unicorn-Votive in Taxes - No deductions but still owing?? by [deleted]
It is 100% likely I'm messing up terminology.
Yes, I don't claim allowances. I do see on each paycheck that federal taxes ARE taken out of my commission, but I have never inputted to withhold more from them (if that makes sense). I have never designated a % to further withhold.
megarooski3 t1_jeeh2z5 wrote
Reply to comment by staile in Taxes - No deductions but still owing?? by [deleted]
My total base salary is $152k, and my total commission (what I make if I hit 100% if my plan) is an additional $101k. I am paid bi-monthly, 1st pay check is salary only, 2nd paycheck is salary+commission for the pay period.
I am claiming nothing on my W4s, so withholding nothing.
megarooski3 t1_jeegv0g wrote
Reply to comment by BoxingRaptor in Taxes - No deductions but still owing?? by [deleted]
No, my husband paid off his student loans before we got married, and I was lucky enough to have a scholarship and no student loans.
megarooski3 t1_jeeghoh wrote
Reply to comment by cyberbytli in Taxes - No deductions but still owing?? by [deleted]
Thanks, my commissions are definitely taxed. Of each gross commission check, I take home about 60% of the total amount.
megarooski3 t1_jeekqkg wrote
Reply to comment by CookieAdventure in Taxes - No deductions but still owing?? by [deleted]
Thank you-- the person who did our taxes last year (my husband's family friend who previously worked for H&R block), suggested we file married separately because I earn substantially more than he does.