- quote -

After looking at the other posts that were posted at the
same time as my response, I realize that my calculations and
analysis were in error. So you should ignore my post even
though I still don't see why you should owe $3,000. Unlike
mine, you've got some good advice and suggestions from
others.

My error was in deducting all of your student loan payments
rather than just the interest which should be substancely
less and therefore shouldn't have any major impact on your
taxes or amount owed.

Sorry for my misdirection.

NOTE: To avoid confusion I've removed my incorrect
calculations and anyalysis that were here and elsewhere
in my original response.

<< ================================================== ===== > << 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. > << ================================================== ===== >

- quote -

Based on the information you supplied in response to
"bono9...[at]yahoo.com" in your second post below, can I assume
that the $1000 a month your describe as taxes your paying in
your new job in the preceding paragraph really represents
the totals of your income tax withholding, Social Security
and Medicare taxes, and health insurance?

Here's what I see as a rough estimate of what your taxes
should be reasonably close to if I use a few assumptions to
fill in missing information. By now you should have W-2
forms with the exact figures for pay and withholding.
Compare your W-2 TuboTax output with them. My figures
certainly will differ a little from actuals, but not
significantly. If yours differ significantly, I think that
is the place to look for your error.

Pay from First Job (January through August) $29,400.00
Pay from Second Job (September through December) $18,700.00
Total Income (Form 1040 line 22) $48,100.00
Student Loan Payments (Form 1040 Line 33) $6,000.00
AGI (Form 1040 Line 37) (Substract Line 33 from Line 22)
$42,100.00

Standard Deduction (Single) (Form 1040 line 40) $5,150.00
Exemption Allowance (Form 1040 Line 42) $3,300.00
Taxible Income (Form 1040 Line 43) $33,650.00
Tax (Form 1040 line 44) $4,964.00

Federal Income Tax Withheld from First Job (January
through August) $2,989.83
Federal Income Tax Withheld from First Job (September
through December) $2,370.35
Total Withheld (Form 1040 Line 64) $5,360.19
Amount of Refund (Form 1040 Line 74a) $396.18

Looking at the above and recognizing that my figures will
vary from your real ones a little:

In entering your figures into TuroTax, did you enter the
withholding for both of your jobs. It appears that omitting
your withholding from the first job might account for the
additional $3,000 you say you don't have. I can't see any
other thing that would account for your problem even if my
assumptions are off a little as to when you changed jobs or
how many allowances you claimed in the first job, etc.
Unless there is something that you haven't told us, based on
what you have told us in your two postings, you should not
owe that much, if anything, that I can see.

Hopefully, that is the case and you don't really owe that
large amount of money.

NOTE: Removed very appropriate post by "bono9...[at]yahoo.com"
that was here to which the OP responded with needed
additional information (See below)

- quote -

I didn't consider the costs of registering your car anywhere
in my calculations since I couldn't figure out its
signifcance to your federal income tax situation. It
probably got covered in my assumption to use the standard
deduction although you may have entered it into TurboTax to
help it make the Standard or Itemized deduction decision.

- quote -

As best I can tell, you probably don't qualify for checking
line E. However, that 1 extra allowance alone doesn't
account for the problem. Recommend you file a new W-4.

<< ================================================== ===== > << 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. > << ================================================== ===== >

- quote -

There is a possibility that you miscalculated your taxes.
However, if your taxable income is a little over $ 60,000
you would owe about $ 12,000 if you are filing single and
you would be in a marginal tax bracket of 25% (or higher if
your income were much higher). A taxable income of $ 60,000
would mean you earned MORE than $ 60,000 but had deductions
and exemptions that reduced it. You might also have tax
credits that would cover part of the tax.

If you have three allowances on the W-4 that covers you and
two dependents. If you are single, then that is two extra
dependents which would result in underwithholding.

<< ================================================== ===== > << 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. > << ================================================== ===== >

- quote -

The allowance on Line A is for you. Line B is for your
non-working spouse, but you don't have one so you shouldn't
have an allowance there. Line E is for filing Head of
Household, which you are not, so you shouldn't have an
allowance there either.

In other words, you should have either 1 allowance (from
line A) or none at all (to overwithhold and play it safe) on
your W4. As it stands, you claimed three allowances during
2006 (instead of one or none) and therefore were
underwithheld by quite a bit. You probably ought to to to
your payroll or HR department and get this changed as soon
as possible.

--
John D. Goulden

<< ================================================== ===== > << 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. > << ================================================== ===== >

- quote -

If your income was $50,000, after subtracting std. deduction
for single of $5,150 and one personal exemption of $3,300,
your taxable income is 41,550, and the tax due on this is
$6,945. You'll have to look at your W2s to see how much was
withheld and whether you owe on this or not. I have not
subtracted the interest you paid on your student loans,
because you didn't say how much it was. You should receive a
1098-E telling you how much interest you paid. This will
lower your tax by about 25% of however much interest you
paid.

Dennis

<< ================================================== ===== > << 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. > << ================================================== ===== >

"bono9...[at]yahoo.com" <bono9...[at]yahoo.com> wrote:
- quote -

Thanks for all of the replies...I between my jobs my income
increased by about 5,000k (from 45000 to 5000). From what I
recall, my pay stub from my old job was around 1730 every 2
weeks and I netted 1310. At the new place my pay stub says
2080 but I bring home 1509 after they take out takes and
health insurance (which I didn't have to pay at my old job)
I didn't have a 401k (there was some ESOP plan at my old job
that I wasn't there long enough to qualify for) and my new
job doesn't have a 401k. I don't have any property,no
husband, no kids, no dependants. The only deductions I have
are for student loans and the 100 dollars I paid to register
my car.

Looking at a copy of my W4 on line 5 it says that I have 3
allowances. They are from line A,B, and E on the worksheet.
I have no idea what line E really means...should I not have
checked that? Also, I was using Turbotax online to complete
my taxes.

<< ================================================== ===== > << 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. > << ================================================== ===== >

For starters, fill out a new w-4 (using the worksheet) to
ensure that the proper amount is being deducted. It is
possible that not enough taxes were being taken out at the
first job.

The raises shouldn't matter as your withholdings should have
adjusted accordingly (%, not fixed dollar withholdings). Of
course, if the raises were substantial enough to push you
firmly into the next tax bracket it would have an impact,
but you indicated the raises were small.

Are you not taking deductions that you did in previous
years? Are you itemizing or standard? Has your filing status
changed? Have you moved? Any changes from year to year will
alter your tax scenario. We probably need more info to make
a decisive recommendation.

<< ================================================== ===== > << 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. > << ================================================== ===== >

"cbrown" <cbrow...[at]gmail.com> wrote:

- quote -

If you don't understand why you owe so much, it's nearly
impossible for anyone here to figure it out without any
numbers. Are all the numbers you entered on the return
correct? For instance, do the amounts in Box 1 of your W2s
add up to the amount of wages reported on the return? How
about the withholding? If you post your total income, number
of dependents and any other deductions/credits you might
have, we can estimate how much tax you should have to pay.

Dennis

<< ================================================== ===== > << 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. > << ================================================== ===== >

"cbrown" <cbrown79[at]gmail.com> writes:

- quote -

How many exemptions did you have the company withold at on
your W9 since September? Was it the same rate or different
than your prior job? Did you income increase? Did your
contributions to medical plans and/or 401k decrease in the
new job? How does your MAGI differ from last year?
THese can all help explain the surprise.

Verify your filing status. Verify your student loan
deductions. Verify your number of dependents.

--
Todd H.
http://toddh.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. > << ================================================== ===== >

cbrown79[at]gmail.com (cbrown) posted:

- quote -

Sorry. Insufficient info to definitively answer. It's
entirely possible there's an entry or math error in your
calculations (depending on whether you're using software or
the good old pencil).

Suggestion: Either visit a paid preparer, or try either VITA
or AARP TaxAide (links are available to find sites at
http://www.aarp.org or http://www.irs.org) ... when you enter
your zipcode.

Bill

<< ================================================== ===== > << 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. > << ================================================== ===== >

For the first time my return is saying that I have to pay
taxes instead of getting a refund. Right before I left my
previous job I got a small raise and I got another one when
I switched jobs. I'm thinking that now at the end of the
year it looks like I was making all this money (which still
isn't that much) and I didn't have enough taxes taken out
when in reality since I have been at this new job (since
September) I've been paying over a thousand a month in taxes
(more than 25 percent of my income). Is there anything I can
do to look into this situation? I pay over 500 a month in
student loans and after that and taxes I really don't have
that much left and I just don't have an additional 3,000 to
pay in taxes. I've never underpaid before I honestly feel
that this is a mistake.

<< ================================================== ===== > << 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. > << ================================================== ===== >