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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
I posted this on the other thread but its on the 3rd page so not sure if you will see it
if you make more then 75K and file as an indivudal or 150K and file married you need to opt out of the extra money in your pay or you WILL owe this tax back next year
Source- Irs Web Site
It clearly states to file a new W4 so you avoid this problem
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Posted 3/13/09 10:45 AM  |
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anonttcer
BOOOO for fall!
Member since 7/06 10082 total posts
Name:
Meaning a NON ttcer!
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
Sh!t I didn't know that.
Wonderful....
So in other words- not everyone gets this money then?
Thanks for posting this! 
Message edited 3/13/2009 11:41:46 AM.
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| Posted 3/13/09 11:38 AM |
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leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
I wish our payroll department would have sent something out to us to let us know that.
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| Posted 3/13/09 11:59 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
For people who make over that - what should we do? Change our withholdings?
Message edited 3/13/2009 12:13:57 PM.
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| Posted 3/13/09 12:12 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
thanks
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| Posted 3/13/09 12:20 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
The only thing you can do if you're in this category is adjust your withholdings. If you're already claiming single / 0, there is not really anything you can do. Also, doesn't it only increases your tax liability by about $400 - $500 per year? If that's right, then unless you play it extremely close with your income taxes, I can't see this being a huge deal when you file your taxes next year. (Honestly curious)
Message edited 3/13/2009 12:24:20 PM.
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| Posted 3/13/09 12:23 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
DH and I both file married 0. We own a house but we got a puny refund this year, so maybe I'll go back to single 0 to play it safe. I really dont want to have to owe.
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| Posted 3/13/09 12:27 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
I think ADP opted out for me.. I noticed that I had extra money last week.. and this week it is GONE!
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| Posted 3/13/09 12:30 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
Posted by Kara
The only thing you can do if you're in this category is adjust your withholdings. If you're already claiming single / 0, there is not really anything you can do. Also, doesn't it only increases your tax liability by about $400 - $500 per year? If that's right, then unless you play it extremely close with your income taxes, I can't see this being a huge deal when you file your taxes next year. (Honestly curious)
your exactly right on changing the withholding.
if you are a young married cuople, no house no kids and you both claim married 1, this would cause you to owe.
in general, if you file married 1 you usually break eve. if you file as this you would then owe.
you should just lower it by 1 withholding. so if your w/h married 1 you should lower it to married 0. If you file under single 0, you should be fine, since they take the most out.
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| Posted 3/13/09 12:32 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
Posted by Meaghan729
DH and I both file married 0. We own a house but we got a puny refund this year, so maybe I'll go back to single 0 to play it safe. I really dont want to have to owe.
if nothing else, you will just get a bigger refund next year with going back to single 0. IMO its better to get back then owe, but I know that a lot of people feel differently on that matter. they look at it as an interest free loan to the goverment, so its better to pay in.
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| Posted 3/13/09 12:33 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
Posted by Kara
The only thing you can do if you're in this category is adjust your withholdings. If you're already claiming single / 0, there is not really anything you can do. Also, doesn't it only increases your tax liability by about $400 - $500 per year? If that's right, then unless you play it extremely close with your income taxes, I can't see this being a huge deal when you file your taxes next year. (Honestly curious)
You can always have extra money deducted each pay period for taxes. I do that to compensate for an investment that doesn't have taxes taken out during the year. With the extra $5 or $10 a week extra taken out, it can compensate for things, and give you a bigger return/lower amount owed.
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| Posted 3/13/09 12:53 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
I noticed that I got an additional $13 in my check this week :)
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| Posted 3/13/09 1:35 PM |
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Shopaholic921
SUP..
Member since 10/05 5113 total posts
Name:
Brooke
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
My company won't let me opt out.. and I already file single 0.. so I don't know what else I'm supposed to do...
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| Posted 3/13/09 1:48 PM |
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Wendy
Wheeee!
Member since 5/05 13736 total posts
Name:
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
I don't think I'd be all that concerned about owing back $300 next year ... (if it's like $10-13/paycheck assuming most people get paid bi-weekly).
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| Posted 3/13/09 1:49 PM |
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Phyl
R.I.P. Sweet Mia ♥
Member since 5/06 28918 total posts
Name:
The Mystical Azzhorse! ™
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
I already have to change my W-4 for 2009 anyway! 
Message edited 3/13/2009 2:11:13 PM.
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| Posted 3/13/09 2:10 PM |
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leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: for all those getting the extra money in your pay check due to the "making work pay tax credit" a BIG FYI
Posted by GoldenRod
You can always have extra money deducted each pay period for taxes. I do that to compensate for an investment that doesn't have taxes taken out during the year. With the extra $5 or $10 a week extra taken out, it can compensate for things, and give you a bigger return/lower amount owed.
That's what I do too.
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| Posted 3/13/09 2:12 PM |
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