- quote -

I only checked across one data field using Pub 15, but
single claiming 0 making $26,000 a year:

Paid weekly would have $61 per withheld, $3172 annually
Paid bi-weekly would have $122 per withheld, $3172 annually
Paid semi-monthly would have $131 per withheld, $3144 annually
Paid monthly would have $251 per withheld, $3156 withheld.

The daily or misc tables throw it off even further.

The amount isn't significant, but it could be if the numbers
were larger.

Seems I remember the withholding tables were further apart
in past years.

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

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"Paul Thomas, CPA" <paulthomascp...[at]bellsouth.net> wrote:

- quote -

Hey Paul, will you please expound on this. I was not aware
of this and now you've peaked my interest.

Thanks in advance.

Nathan

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"H2o" <christie[at]nippyfish.net> wrote

- quote -

Withholding from your paycheck is determined by what you
report to your employer on a W-4, ie: single and 1, married
and 5, etc. adn the withholding tables, or most common now,
the software formula. So with identical wages and pay
cycle, and identical W-4 allowances claimed, it's possible
that different payroll programs withhold a different amount.

- quote -

There are too many variables among people and payroll to
compare. Withholding on smaller weekly wages is going to be
different than withholding on that same amount paid
bi-weekly, etc. so at the end of the year you have a
different amount of tax withheld on identical wages.

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

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"H2o" <christie[at]nippyfish.net> wrote:

- quote -

You determine that (indirectly) by the information you
provided on the W4 form you filled out for your employer. If
you said 'single' with no allowances your employer will
withhold more than if you said single and 1 or more
allowances. Also if you worked for more than one source
(employer) then each source may under withhold, each not
knowing about the other source resulting in the combined
withholding being less than it should be for the combined
income.

If you would like to get your withholding to closer match
your actual tax you should file a new W4 form with your
employer reducing the number of allowances or asking for an
additional amount to be withheld each pay period. The
instructions should be with the W4 form.

- quote -

Actually the refund your friend is getting is really her own
money that was over withheld during the year. She,
essentially gave the government an interest free loan. You
on the other hand, have had full use of all of your money
and since you now owe a small amount, you have received a
loan from the government and now have to pay it back without
interest or penalty if the amount is small enough.

Between the two of you, you are actually ahead of the game
so in this case the Taxman Giveth to you.

--
-Ernie-

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"H2o" <christie[at]nippyfish.net> writes:

- quote -

Go to www.irs.gov, download Publication 15, and turn
to the section called "Percentage Method of Withholding".

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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I just did my taxes on TurboTax and learned that I will be
owing for the first time. :-( I was a little surprised and
not knowing a lot about the taxation system, I wonder, how
is it determined how much is deducted from your paycheck?

In comparison, a close friend of mine is also single, filed
0 dependents, also doesn't own property, makes about the
same amount of money as I do, but doesn't have the education
loan interest to help her that I do but is getting a killer
return of almost $2000 while I am owing. I realize taxes are
complicated and factors could be making us more different
then we initially seem but still I wonder what sorts of
things can cause me to owe when in previous years I have
looked forward to a return.

Thanks

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