Advice for Moms

mommy2annaliese
Paycheck and taxes question..
October 13, 2012 at 2:45 PM
I am in the state of AL. I am working, my dh is not. What is the Medicare, social security percentage? Is it different in every state? We are very low income. Trying to see if I will have enough on payday for the power bill and water. my check before taxes should be 300.000
I didn't claim any exemptions, and under all boxes I put 0.
Any got any idea?

Replies

  • turtle07
    October 13, 2012 at 2:53 PM
    Bump
  • heidi749
    October 13, 2012 at 3:07 PM

     Sorry can not help you much, I am in Canada. But if it is like here, I would imagine your deductions would be less the $20. I work part time, and that is what I would pay out, if my pay was $300 before deductions, now my SO, half his paycheck goes to taxes & other deductions, because of how much he makes an hr.

  • CoeyG
    by CoeyG
    October 13, 2012 at 3:52 PM

    How much they take out of your pay for Medicare/SS depends upon how much you make.  I don't live in Alabama so I don't know how much of a percentage they would take out for you.  This is something you would have to go to your Human Resources to find out.

  • ashleybgarcia
    October 13, 2012 at 3:53 PM
    Go to a paycheck calculator online.
  • TeaHound
    October 13, 2012 at 4:06 PM
    If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.
    I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.
  • sleepymommy87
    October 13, 2012 at 4:12 PM

    I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.

    Quoting TeaHound:

    If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.
    I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


  • Tea4Tas
    by Tea4Tas
    October 13, 2012 at 4:23 PM


    Quoting sleepymommy87:

    I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.

    Quoting TeaHound:

    If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.
    I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


    At $300 a week she is making $15,000 a year and with children would have NO tax liability even if they took NOTHING out.

    Preview of 2012 Tax Year

    Earned Income and adjusted gross income (AGI) must each be less than:

    • $45,060 ($50,270 married filing jointly) with three or more qualifying children
    • $41,952 ($47,162 married filing jointly) with two qualifying children
    • $36,920 ($42,130 married filing jointly) with one qualifying child
    • $13,980 ($19,190 married filing jointly) with no qualifying children

    Tax Year 2012 maximum credit:

    • $5,891 with three or more qualifying children
    • $5,236 with two qualifying children
    • $3,169 with one qualifying child
    • $475 with no qualifying children

    Investment income must be $3,200 or less for the year.


    EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit.


    To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file.

    EITC and other Public Benefits

    Refunds received from Earned Income Tax Credit (EITC or EIC), Child Tax Credit (CTC) or any other tax credit are not considered income for any federal or federally funded public benefit program. Also, under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, your credit or other tax refund is not counted as a resource for at least 12 months from when your receive it. If you save your refund, federal or federally funded agencies will not use it to determine your eligibility or the amount of your benefit. This new rule is for refunds received after December 31, 2009 and through 2012. It is always best to check with your local benefit coordinator to find out if your benefits fall under this provision.

    Facts about Other Child Related Tax Benefits

    Don’t Overlook State and Local Credits

    If you qualify to claim EITC on your federal income tax return, you also may be eligible for a similar credit on your state or local income tax return. Twenty-two states, the District of Columbia, New York City, and Montgomery County, Maryland, offer their residents an earned income tax credit. Find more information on states with EITC.

    Advance EITC or AEITC news. Legislation signed into law August 10, 2010 repeals the Advanced Earned Income Tax Credit. Recipients will not receive Advance EITC on their paychecks after December 31, 2010. Those who received AEITC on their paychecks during 2010, need to file a tax return to report the amount received.


    and

    How do I know how much my EITC is worth?

    Back to top
    The value of your EITC is based on your adjusted gross income and the number of qualifying children in your family. You can calculate your EITC yourself by using the Earned Income Credit Worksheet in Form 1040, Form 1040A, or Form 1040EZ. Or you can ask the IRS to calculate it for you by noting an “EIC” in the Earned Income Credit line on your tax return.

    For an estimate on the value of your EITC, use the Center on Budget and Policy Priorities Tax Credit Estimator.


    to figure out what it is worth.

  • marinewife55
    October 13, 2012 at 4:26 PM
    Umm she wouldn't have tax liability so that is inaccurate


    Quoting sleepymommy87:

    I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.


    Quoting TeaHound:

    If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.

    I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.



  • blondie.mom
    October 13, 2012 at 4:26 PM
    Unless you HAVE 10 dependants, DO NOT CLAIM THAT MANY! Lying to the government is a big no no.

    Since you are working and your Dh is not (and I'm assuming you have at least one child, I could be wrong) you can claim at least 1 and have slightly less taken out of each check, and still most likely not owe at the end of the year. We have 2 boys and I am a sahm, Dh claims 3 dependants and we never owe, in fact we always get back a return.


    Quoting sleepymommy87:

    I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.


    Quoting TeaHound:

    If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.

    I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.


  • marinewife55
    October 13, 2012 at 4:31 PM
    Ten is kinda crazy, but you can have more exemptions than the amount of children. I have four, one for head of the household, one for my child, one for childcare tax credit, and one for eic...Its on the w4 what counts as an exemption...I've claimed three or four the past three years and have always received a return


    Quoting blondie.mom:

    Unless you HAVE 10 dependants, DO NOT CLAIM THAT MANY! Lying to the government is a big no no.



    Since you are working and your Dh is not (and I'm assuming you have at least one child, I could be wrong) you can claim at least 1 and have slightly less taken out of each check, and still most likely not owe at the end of the year. We have 2 boys and I am a sahm, Dh claims 3 dependants and we never owe, in fact we always get back a return.




    Quoting sleepymommy87:

    I would strongly recommend AGAINST this advice. If you put 10 you'll end up owing a hell of a lot of money come tax season. Putting 0 sucks throughout the year but it pretty much ensures never owing taxes.



    Quoting TeaHound:

    If you have previous paychecks or pay info, like online records from direct deposit, you should be able to work backwards from there or find a check for close enough to the same amount.


    I would suggest changing your dependents to something like 10. That way you aren't getting as much $ taken out of your check.



Advice for Moms