Obama Tax stimulus help

[Punisher84]

Ok I am not really good with taxes and math. Like the average American I do basic taxes, not alot of deductions, etc.

So tell me, based on this story below, what should I do? This is my current situation. Married, both work, eligible for the stimulus payout, and I work a part-time job. So if I am married with 0 exemptions will I be ok or do I need to withhold at a higher single rate at 1 or both jobs? I'm clueless.

INSIDE WASHINGTON: Taxpayers to get rude surprise

[greenego]

It dependents on

1. How much you make

2. How much she makes

3. What's her withholdings (married 0 exemptions ?) You said you were married 0 exemptions

Any time the government screws with the withholding tables it really screws up tax planing. This is not the first time they have done this. A lot of people without children will owe next year.

Just to be safe you can always ask for additional amount to be withheld

[Punisher84]

It dependents on

1. How much you make

2. How much she makes

3. What's her withholdings (married 0 exemptions ?) You said you were married 0 exemptions

Any time the government screws with the withholding tables it really screws up tax planing. This is not the first time they have done this. A lot of people without children will owe next year.

Just to be safe you can always ask for additional amount to be withheld

Thanks for the reply. We both do married and 0. I think I'm going to do withholding at higher single rate at both my jobs so I can be sure.

[Guest mustangdave]

I am standing pat right now...I just got notification that my military retirement check is being "stimulated" and now I am going to get the full amount with no with holdings taken out...a whopping $25 extra a month. the wife and I both work...we both claim married NO exemptions...the Military retirement check was the only check with a Married and 1 exemption.

When the IRS finalizes the new tax table we'll adjust where needed

[bwswanson]

If everything was the same last year (married and 0) and you got a refund over $800 you should be fine unless you want a bigger refund check.

[Punisher84]

If everything was the same last year (married and 0) and you got a refund over $800 you should be fine unless you want a bigger refund check.

Well last year was screwed up because I was taking exemptions and didn't know it. From what I've been told now what I have will be fine.

[Guest Rick O'Shay]

What I have heard from those who know is that the tax tables had not changed, merely the amount withheld. That means you will owe 52 X 14$ more at the end of the year than you are expecting. Instead of altering your tax withholding, just add $750 to your (non-Roth) IRA. You gain, and the Obamination loses, for now.

[Guest Mugster]

Modified tax tables not published yet, at least on the word from my tax man as of last report. If they don't change them, alot of people are going to be pissed off come tax time.

[greenego]

The tax rate for 2009 for married filing joint are:

Taxable income 0 to $16,700 tax is 10%

Taxable Income $16701 to $67,900 tax is $1670 plus 15% on taxable income over $16,701

Taxable income is income after deductions. Standard deduction for married in 09 is $11,400 and personal exemption amount is $3650

Example

Married couple making $50,000 no children or other deductions or credits would have taxable income of ($50000 -$11400 -$3650 -$3650 = $31300. tax would be $3860