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Old 02-04-2007, 06:24 AM
Paul Thomas, CPA
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Default Re: Is my W2 box 2 info wrong?

<mascisjl[at]gmail.com> wrote

- quote -

> Well, I just got my w2 in the mail today, started to fill
> out my 1040ez forms and noticed something I've never seen
> before.
> Box 2 lists my federal income tax withheld as only...$1.04!
> It also says I have claimed 2 exemptions but I always only
> claim 1...myself. I was married at the time I started
> working but have divorced since September. I'm still pretty
> sure I only claimed myself as I was filling out my w4 form,
> although that was just over 1 year ago.
> Social Security tax, (box4) is 600 - 700 range and medicare,
> (box6) is 100 - 200 range.
> I just happened to go through some of my last paychecks and
> noticed only one had fed. inc. tax taken out for current and
> YTD at $1.04
> Did I just go through a whole year w/o paying federal taxes?
> Does this sound like something I screwed up or the company I
> work for? I don't know if I should be worried or not but any
> thoughts would be greatly appreciated!


Pay attention to your paystubs.

It looks like you are at about $11,000 of gross wages, maybe
less. At that rate, filing single, the standard deduction
of $5350 and the personal exemption of $3400 will leave
about $2250 (or less) of taxable income. Baring any other
credits, you'll have about $224 in federal income tax.
Credits, like EIC, may reduce that even more.

At your weekly gross pay of about $200 a week you should
have had about $9 of federal withholding based on the tables
for single and 1. If you filled in the married and 1 your
withholding would have been $0 or near that.

--
Paul Thomas, CPA
paulthomascpapc[at]bellsouth.net

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
  #-1  
Old 02-02-2007, 11:56 PM
mascisjl@gmail.com
Guest
 
Posts: n/a
Default Is my W2 box 2 info wrong?

Well, I just got my w2 in the mail today, started to fill
out my 1040ez forms and noticed something I've never seen
before.

Box 2 lists my federal income tax withheld as only...$1.04!
It also says I have claimed 2 exemptions but I always only
claim 1...myself. I was married at the time I started
working but have divorced since September. I'm still pretty
sure I only claimed myself as I was filling out my w4 form,
although that was just over 1 year ago.

Social Security tax, (box4) is 600 - 700 range and medicare,
(box6) is 100 - 200 range.

I just happened to go through some of my last paychecks and
noticed only one had fed. inc. tax taken out for current and
YTD at $1.04

Did I just go through a whole year w/o paying federal taxes?
Does this sound like something I screwed up or the company I
work for? I don't know if I should be worried or not but any
thoughts would be greatly appreciated!

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >
 

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