Hello
I live in California and Im tired of getting killed on my taxes each week
This year I made 92k. I am single, no kids and do not own my own home. I currently claim single 1
ANy ideas on what to claim on taxes?
Thanks!

Ok, getting killed, so at the end of the year when you file, do you get a lot back?? Do you still owe.

1. you can't change the medicare taxes, that is just a set amount.
And you are suppose to claim what there really is, if you are single and no dependents, that is what you are suppose to claim,

But if you are paying a lot in, and getting a big refund check back at the end of the year, you could change your deductions as not to pay as much each week, this will lower the amount of your refund then at the end of the year.

So it is not as simple as what happens each week, since that is merly payig in toword the yearly taxes, what is happening then.

I make 57,000 how much taxes should be taken out. I am married now, with two step daughters. Do I claim them and my husband

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Originally Posted by jb95136

Hello
I live in California and Im tired of getting killed on my taxes each week
This year I made 92k. I am single, no kids and do not own my own home. I currently claim single 1
ANy ideas on what to claim on taxes?
Thanks!

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Seems that you will claim standard deduction. Then for 92K income in 2007, your taxes are
Social security withheld $5,704
Medicare withheld $1334,
CA SDI withheld $552
Federal Income Tax $17,421
State Income Tax... (I did not do the calculation)
For Federal Tax you top income bracket is 28%. So if you put $4000 in Trad IRA, you will save $1,120 in taxes. There is nothing else to claim.

Quote:

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Originally Posted by lady9732000

I make 57,000 how much taxes should be taken out. I am married now, with two step daughters. Do i claim them and my husband

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You can file only as Married Filing Jointly or Married Filing Separately.

As married filing jointly, your standard deduction is $10,700 and you have four exemptions (you, your husband and two step daughters, if dependent) total $13,600.

As Married Filing Jointly, your standard deduction is $5,350. You can claim your husband only if he did not have any income in 2007. You have three or four (if husband is also allowed) exemptions of $3,400 each.

MukatA covered everything; nothing to add.