Tax exempt... hellppppppp!?
i will brand name approximately $80000 at the terminate of the year.. i hold 2 kids and paying for daycare 1000/month... my husband/soon to be ex owns a home and we compensated for the house monthly within partly but the loan is below his cross.. if i verbs self levy exempt at the fall of the year, how much do you suggest i will owe the management at the completion of the year i directory alone lacking my husband?? i only just cant afford paying 2000/month on charge right presently.. what should i do...
Answers:
involve to know more info to pass you a right number. You can be penalize at year ruin for underpaying your taxes if you owe more than $1,000. The cost would be base on your minimum clearance which would be any 100% of prior year toll (110% if high-ranking income taxpayer) or 90% of the current year tax. If you are making 80,000 for the year in income and claiming exempt on W-4, you will owe like mad more than $1,000 at year completion. Depending on your circumstances you may know how to directory as Head of Household by year finish whether you are still married to your soon to be ex or not. I own included a relationship to Head of Household status, but deeply, as long as you hold not lived beside soon to be ex for the second 6 months of the year and you are supporting and claiming your children you should know how to database as commander of household. I don't know how old your children are, but I'm assuming if you are paying for daycare that they are underneath the age of 12, which way that you can claim the child meticulousness credit for their daycare, and more importantly the $1,000 per child child credit.
I own attached a working out site to give a hand numeral out what your federal liability will be, I used the $80,000 surrounded by income that you said that you will earn for 2007, took standard presumption as Head of Household status, and 3 personal exemptions (yourself and the 2 children), and come up next to taxable income of $61,950 and a tax of $10,663, previously any credits. The child charge credits should make smaller that amount by $2,000, and as for the dependent contemplation credit base on $1,000 per month you would hold $6,000 of deductible child comfort expenses (that's the maximum you can discount for 2 children) and at your income the credit rate would be 20%, so your child attention to detail credit I mull over would be in the region of $1,200, so you would be looking at a federal liability come subsequent April of around $7,500. I don't know what state you live within so I can't digit that out.
If you qualify as Head or Household( did not live beside spouse for ultimate six months of year. you will owe $8,050.
If you are required to folder MFS( did live near spouse)
you will owe $11,044.
This is base on 2006 rates.
I'd be awfully surprised beside that much income if you are really export tax exempt. If you own claimed "exempt" on your W-4 when you really aren't, you can downfall up human being fined $500 for doing that, as well as to have to money the taxes when you profile, plus penalty for underwithholding. Claiming exempt when you aren't is a REAL impossible belief.
You don't really bestow anywhere to hand plenty info to furnish you an answer. Do you expect to be divorced formerly the shutting down of the year? Who will be claiming the children? will you be itemizing, and do you hold any thought what your itemized deduction will total (yours, not his)? Worst defence you could owe over $10K, and that's if YOU are claiming the kids.
With that income, at hand's no bearing that you could claim exempt from withholding. That would be a fraudulent claim and would attract a $500 cost surrounded by enhancement to any taxes due at the wrapping up of the year.
If you can't afford $2,000 a month surrounded by taxes, what make you have an idea that that you will know how to afford $10,000 - $20,000 adjectives at once at the cessation of the year? It's impractical to voice what your final export tax liability will be from the information given but it could efficiently be surrounded by that capacity.
WELL YOU MAKE TOO MUCH TO QUALIFY FOR EIC CREDIT, BUT IF YOU HAVE ENOUGH DEDUCTIONS SUCH AS, DAYCARE EXPENSES, MEDICAL BILLS, CHARITY, DONATIONS, MILEAGE, ETC. YOU SHOULD HAVE NO PROBLEM AND STILL MIGHT EVEN GET A REFUND.
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Answers:
involve to know more info to pass you a right number. You can be penalize at year ruin for underpaying your taxes if you owe more than $1,000. The cost would be base on your minimum clearance which would be any 100% of prior year toll (110% if high-ranking income taxpayer) or 90% of the current year tax. If you are making 80,000 for the year in income and claiming exempt on W-4, you will owe like mad more than $1,000 at year completion. Depending on your circumstances you may know how to directory as Head of Household by year finish whether you are still married to your soon to be ex or not. I own included a relationship to Head of Household status, but deeply, as long as you hold not lived beside soon to be ex for the second 6 months of the year and you are supporting and claiming your children you should know how to database as commander of household. I don't know how old your children are, but I'm assuming if you are paying for daycare that they are underneath the age of 12, which way that you can claim the child meticulousness credit for their daycare, and more importantly the $1,000 per child child credit.
I own attached a working out site to give a hand numeral out what your federal liability will be, I used the $80,000 surrounded by income that you said that you will earn for 2007, took standard presumption as Head of Household status, and 3 personal exemptions (yourself and the 2 children), and come up next to taxable income of $61,950 and a tax of $10,663, previously any credits. The child charge credits should make smaller that amount by $2,000, and as for the dependent contemplation credit base on $1,000 per month you would hold $6,000 of deductible child comfort expenses (that's the maximum you can discount for 2 children) and at your income the credit rate would be 20%, so your child attention to detail credit I mull over would be in the region of $1,200, so you would be looking at a federal liability come subsequent April of around $7,500. I don't know what state you live within so I can't digit that out.
If you qualify as Head or Household( did not live beside spouse for ultimate six months of year. you will owe $8,050.
If you are required to folder MFS( did live near spouse)
you will owe $11,044.
This is base on 2006 rates.
I'd be awfully surprised beside that much income if you are really export tax exempt. If you own claimed "exempt" on your W-4 when you really aren't, you can downfall up human being fined $500 for doing that, as well as to have to money the taxes when you profile, plus penalty for underwithholding. Claiming exempt when you aren't is a REAL impossible belief.
You don't really bestow anywhere to hand plenty info to furnish you an answer. Do you expect to be divorced formerly the shutting down of the year? Who will be claiming the children? will you be itemizing, and do you hold any thought what your itemized deduction will total (yours, not his)? Worst defence you could owe over $10K, and that's if YOU are claiming the kids.
With that income, at hand's no bearing that you could claim exempt from withholding. That would be a fraudulent claim and would attract a $500 cost surrounded by enhancement to any taxes due at the wrapping up of the year.
If you can't afford $2,000 a month surrounded by taxes, what make you have an idea that that you will know how to afford $10,000 - $20,000 adjectives at once at the cessation of the year? It's impractical to voice what your final export tax liability will be from the information given but it could efficiently be surrounded by that capacity.
WELL YOU MAKE TOO MUCH TO QUALIFY FOR EIC CREDIT, BUT IF YOU HAVE ENOUGH DEDUCTIONS SUCH AS, DAYCARE EXPENSES, MEDICAL BILLS, CHARITY, DONATIONS, MILEAGE, ETC. YOU SHOULD HAVE NO PROBLEM AND STILL MIGHT EVEN GET A REFUND.