Unregistered 05:56 AM 03-29-2013
My husband has a lot of taxes taken out of his check, do I have to pay quarterly taxes or can we just have it covered at the end of the year when we file and he always gets a decent refund?
daycare123 06:06 AM 03-29-2013
I would say it depends on your income, if he has enough taken out to cover the taxes you would owe then no Did you owe in this year? If not then and you won't have a significant increase in income this year then no you shouldn't have to worry about it
TomCopeland 07:15 AM 03-29-2013
Originally Posted by Unregistered:
My husband has a lot of taxes taken out of his check, do I have to pay quarterly taxes or can we just have it covered at the end of the year when we file and he always gets a decent refund?
The law says your family must be paying in at least 90% of your taxes that are owed each quarter of the year. If you get a refund at the end of the year then your family has withheld more than 100% of the taxes owed. Most providers who are married don't file quarterly estimated taxes because their husband withholds enough to cover them both.
WImom 08:49 AM 03-29-2013
Last year my husband was claiming a 6 for state and federal so we are paying alot of taxes this year since I made a lot more. Normally I'd just pay the amount it says each quarter but he now changed it to a 1 for both federal and state. Could I get away with paying just 1/2? It's coming out to about 1800 a quarter so I'd like to pay less. I also owe 128 a quarter to state. Could I be safe to not pay quartly to state at all.
TomCopeland 02:29 PM 03-29-2013
Originally Posted by WImom:
Last year my husband was claiming a 6 for state and federal so we are paying alot of taxes this year since I made a lot more. Normally I'd just pay the amount it says each quarter but he now changed it to a 1 for both federal and state. Could I get away with paying just 1/2? It's coming out to about 1800 a quarter so I'd like to pay less. I also owe 128 a quarter to state. Could I be safe to not pay quartly to state at all.
It's impossible for me to know the correct withholding in your situation, without knowing all the details of your income and expenses. If you use a tax preparer, he or she can tell you. If not, you must pay in at least 90% of you both will owe each quarter, federal and state. Use 20% of your gross income as an estimate for federal taxes.
WImom 04:21 AM 03-30-2013
Thanks!