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Calling working couples - Tax filing ...

Chalanachithram.com DB » TF Industry related » Archive through March 30, 2013 » Calling working couples - Tax filing n returns doubt « Previous Next »
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Emc2
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Posted on Friday, March 29, 2013 - 09:39 pm:       


Rudraksha:




2012 lo company earnings lekunda ela contribute chesthavu ayya..
cherapakura chedevu.
 

Rudraksha
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Posted on Friday, March 29, 2013 - 09:01 pm:       


Emc2:

this si only possible if you are on corp to corp or 1099


ippudu company open chesi 2012 ki contribute cheyavacha
 

Emc2
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Posted on Friday, March 29, 2013 - 08:34 pm:       


Rudraksha:

oka company open chesi 401k ki oka 40K




this si only possible if you are on corp to corp or 1099

cherapakura chedevu.
 

Rudraksha
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Posted on Friday, March 29, 2013 - 06:56 pm:       


Commonman:


oka company open chesi 401k ki oka 40K contribute chesey
 

Coolmac
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Posted on Friday, March 29, 2013 - 12:15 pm:       


Commonman:

both of us fall in to one bracket individually. but together we are going into another bracket which had much higher rate... so aa extra 3-5% ki ippudu band


 

Coolmac
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Posted on Friday, March 29, 2013 - 12:14 pm:       


Jodhaa:

chicago to cinci travel chesinattu travel expenses emanna claim cheyyachu antaara?


work related ithe YES talli
 

Commonman
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Posted on Friday, March 29, 2013 - 12:14 pm:       

ok i think i cracked it. Stupid me.

both of us fall in to one bracket individually. but together we are going into another bracket which had much higher rate... so aa extra 3-5% ki ippudu band
 

Jodhaa
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Posted on Friday, March 29, 2013 - 12:13 pm:       


Maverick:


chicago to cinci travel chesinattu travel expenses emanna claim cheyyachu antaara?
 

Coolmac
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Posted on Friday, March 29, 2013 - 12:12 pm:       


Maverick:

w4 lo u can withhold additional amount on payckc


Ya we can..we can request on ADP/paychex website only...
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 12:11 pm:       


Coolmac:

high income ayinaa manam cheyyagaligedhi W4 meedha em vundadhu kadhaa annai?





Dreamcatcher:

Even better option is, to make additional payment every paycheck. Calculate approxiate taxes, see how much they will withhold with 0 deductions and check if that meets calculated taxes. If not, add additional amount to that in W-4.


 

Coolmac
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Posted on Friday, March 29, 2013 - 12:11 pm:       


Commonman:

malli ade prasna - whose responsibility is it? comp or adp should withhold approp amount based on your monthly gross pay and number of deductions, right?




annai understand this basic logic here...for eg neeku 100K vastondhi ante...daani tax bracket ki taggattu cut vuntadhi paycheck meedha....but when both file jointly... iddaridhi kalipi 250K ayyindhi ante...overall tax bracket bumps up...so we have to pay from pocket obviously....this is nothing to do with W4 allowances...
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 12:10 pm:       


Commonman:

whose responsibility is it?




Yours. You need to tell them how much they need to withhold from your paycheck.
 

Maverick
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Posted on Friday, March 29, 2013 - 12:10 pm:       

w4 lo u can withhold additional amount on payckc
Who is this DB member?
 

Commonman
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Posted on Friday, March 29, 2013 - 12:09 pm:       


Dreamcatcher:

konchem additional calculations cheyyalsi untadi.


malli ade prasna - whose responsibility is it? comp or adp should withhold approp amount based on your monthly gross pay and number of deductions, right?
 

Coolmac
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Posted on Friday, March 29, 2013 - 12:09 pm:       


Dreamcatcher:

Income ekkuva untay workout avvadu mekku...konchem additional calculations cheyyalsi untadi.




high income ayinaa manam cheyyagaligedhi W4 meedha em vundadhu kadhaa annai? tax returns filing lo itemize cheyyinchukovatam tappinchi... W 4 varaku ithe anthe naaku telisi
 

Emc2
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Posted on Friday, March 29, 2013 - 12:09 pm:       


Commonman:




turbo tax filing ki charge chesthadu, this is the final step,but anni enter chesukuni research chesukvadaniki free..

when you want to press e file button they will take credit card,until than it is free..until efile all free state and federal,

nenu first CPA ki iche mundu i will do my own research in turbo tax..
cherapakura chedevu.
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 12:07 pm:       


Coolmac:


case closed...




Income ekkuva untay workout avvadu mekku...konchem additional calculations cheyyalsi untadi.
 

Commonman
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Posted on Friday, March 29, 2013 - 12:07 pm:       


Coolmac:

wife husb work chestunte...W4 meedha total allowances are "1"...extra ga kids vunte... enni kids ithe anni +1... if u have 2 kids...nee W4 meedha okati esko..mee wife W4 meedha maroka kid esko... so totally...nee W4 meedha allowances 2 and wife W4 has "2"...





Commonman:

We both work and each of them have 1 dep listed on the pay check. I thought this is ok as we got 2 kids now.




correct gaane claim fill/claim chesam W4 meeda. still huge diff. anduke inta lolli

hence wanted to check how other couples are doing.
 

Coolmac
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Posted on Friday, March 29, 2013 - 12:04 pm:       


Commonman:




W4 open cheste...neat ga vuntadhi tammudoo...allowances/exemptions enni pettukovali ani...why intha confusion...

for eg,.

wife husb work chestunte...W4 meedha total allowances are "1"...extra ga kids vunte... enni kids ithe anni +1... if u have 2 kids...nee W4 meedha okati esko..mee wife W4 meedha maroka kid esko... so totally...nee W4 meedha allowances 2 and wife W4 has "2"...

case closed...
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 11:57 am:       

Aal antay, prati vodu nenu year end lo kadatha antaadu tammi, inka IRS enduku. :-)
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 11:56 am:       


Commonman:

Don't agree. In fact, u r getting interest free loan from irs for 15 months or so.





Xxx:

If you have not prepaid 90% of taxes , then you will be hit with underpay penalities ..


 

Commonman
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Posted on Friday, March 29, 2013 - 11:53 am:       


Dreamcatcher:

Paying 6K every year is not good


Don't agree. In fact, u r getting interest free loan from irs for 15 months or so.

Whether u pay monthly or during tax return, same deal except for psychological effect

that's y i was not bothered much when i was paying 5-6k every year. 15K fed + some more for state ante konchem gunde kalukku mandi
 

Commonman
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Posted on Friday, March 29, 2013 - 11:50 am:       


Dreamcatcher:

CPA tho cheysthuntay, he should have warned you ahead of time about this.


i usually go to cpa in the last min i.e end of mar or early apr to file taxes. don't visit/communicate with him any other time. But i should've...
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 11:50 am:       

Even better option is, to make additional payment every paycheck. Calculate approxiate taxes, see how much they will withhold with 0 deductions and check if that meets calculated taxes. If not, add additional amount to that in W-4.
 

Coolmac
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Posted on Friday, March 29, 2013 - 11:46 am:       


Crazy:

Better option is even though married, in W4 select as single and instead of 2 exceptions, either u or ur wife claim 1 dependent.




so allowances should be 1 only antaav...not 2??
 

Crazy
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Posted on Friday, March 29, 2013 - 11:43 am:       

Better option is even though married, in W4 select as single and instead of 2 exceptions, either u or ur wife claim 1 dependent.
 

Dreamcatcher
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Posted on Friday, March 29, 2013 - 11:35 am:       

You need to make sure you won't end up with a lumpsum payment like this at the end of the year. CPA tho cheysthuntay, he should have warned you ahead of time about this. Paying 6K every year is not good, naaku oka year 3.5k pay cheyyali antay nay maa CPA warning ichaadu. Yes, if you are not careful, you might be hit with a penalty by IRS.
 

Goonda
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Posted on Friday, March 29, 2013 - 11:32 am:       


Commonman:


last qtr lo vachind bonus tho your salary execeded 170k, which is a nex tax brakcer.. so thats why this extra payment.
Sasibabu: If TDP loses next elechens, i will donate 10% of my salary to TDP

Skywalker: Bala chiru type kadu.....narasimha swamy avataram etti posani gadi pegulu medalo esukuntadu
 

Commonman
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Posted on Friday, March 29, 2013 - 11:31 am:       


Xxx:


Okka mukka ardham kaaledu mastaaru

Both of us filled n claimed correct deps on W4.

As EMC said below, my comp didn't withhold right tax amount

Now i can't even dump some money to ira or other tax saving instruments

damn i should've checked this calculator in Dec
 

Rebel
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Posted on Friday, March 29, 2013 - 11:29 am:       

oka $15 pay chesi tax act lo chusko..federal is free in many sites..
 

Xxx
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Posted on Friday, March 29, 2013 - 11:24 am:       


Commonman:

Have been paying 5-6k back every year. i was ok with that as it was small amount

now 15k pay cheyyali ante shake shakeela




If you have not prepaid 90% of taxes , then you will be hit with underpay penalities ..

so before .. 6k is less than 10% of your taxes .. then you are paying more than 60k federal taxess ..

Meeku 15k aantha sir .. ?? Most salaries are not equal to the amount of taxes you pay to federal
denmark lo ilantidhi jarigi unte nuvvu help sesthavu ante nenu namma...ye pak/bangla nunchi vacchanu ani seppesi dobbese vadivi...Hater
 

Commonman
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Posted on Friday, March 29, 2013 - 11:17 am:       


Emc2:

turbo tax loki poyi check chesuko..


this is a paid software, right? I usually do it through cpa. Have been paying 5-6k back every year. i was ok with that as it was small amount

now 15k pay cheyyali ante shake shakeela. state ki enta kattalo on top of that

of course, monthly pay withhold cheyakunda at a time pay cheyalsi vastundi. end of the day same dollars. but 15k ki check raasi ivvaalante cheyyi kadaladu emo check meeda
 

Emc2
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Posted on Friday, March 29, 2013 - 11:10 am:       


Commonman:




if they are not withholding right amount you can do nothing about it,check in turbo tax add some expenses and file it..2013 ki careful ga undu.
cherapakura chedevu.
 

Emc2
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Posted on Friday, March 29, 2013 - 11:08 am:       


Commonman:




turbo tax loki poyi check chesuko..
cherapakura chedevu.
 

Commonman
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Posted on Friday, March 29, 2013 - 11:00 am:       

Bump for Mav n other working couples
 

Commonman
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Posted on Friday, March 29, 2013 - 10:45 am:       


Maverick:


2 kids - so claiming 2 deps. Nothing wrong there right?

Based on our dependents number and monthly gross, they are supposed to withheld appropriate amount, right?

how am i supposed to know that they are not with holding right amount?
 

Maverick
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Posted on Friday, March 29, 2013 - 10:28 am:       

wat u claim on paycheck is irrelevant for returns..married aina single pettachu to with hold more tax or vice versa..15k owe ante nuvvu asalu pay chesi undav sarigga..or u r a very high bracket
Who is this DB member?
 

Commonman
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Posted on Friday, March 29, 2013 - 10:25 am:       

If both of you are working, how many exemptions do you usually claim in the monthly paycheck (in other words how many deps did u claim on w4)

We both work and each of them have 1 dep listed on the pay check. I thought this is ok as we got 2 kids now.

h r block lo tax calc use chesthe you owe 15153 ani choopistundi? Why?

Do u claim 0 deps so that they can withheld more money?

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