WTF I just did taxes, I owe government 8 grand, and got assessed underpay penalty

That's the Trump cuts for ya! ?

This Is Getting Ridiculous wrote:

That's the Trump cuts for ya! ?

Not understanding. What does my company not withholding enough have to do with Trump's corporate tax cuts

It is your responsibility to make sure you are withheld the appropriate amount of taxes. You can always check it and aks to be withheld more.

Enjoy your Trump tax cut!

doctorj wrote:

It is your responsibility to make sure you are withheld the appropriate amount of taxes. You can always check it and aks to be withheld more.

Enjoy your Trump tax cut!

For context, this happened at one of the FAANGs. Thought they could figure out how to crunch numbers

dfa wrote:

Wtf, my company apparently didn't withhold enough taxes throughout the year, and just got slapped with a $99 fee.

That aside, the tax code in this country is a sh*t show.

22% effective tax rate. How you guys fairing?

You are responsible for setting your withholdings when you fill out a W4. Unless for some reason the company just did not put that in the payroll system.

The tax code is way too complex though. But this one sounds like it is on you.

You may also have to file quarterly next year with that level of underpayment.

dfa wrote:

This Is Getting Ridiculous wrote:

That's the Trump cuts for ya! ?

Not understanding. What does my company not withholding enough have to do with Trump's corporate tax cuts

The excess $$$$$cash goes to Trump and his corporate fiends.

Trump Tax Cuts worked great for me this year. Paid significantly less than I would have under the Obama Tax Hikes regime.

dfa wrote:

Wtf, my company apparently didn't withhold enough taxes throughout the year, and just got slapped with a $99 fee.

That aside, the tax code in this country is a sh*t show.

22% effective tax rate. How you guys fairing?

22% effective tax rate? I don’t get how anyone can get by making less than $250k a year. Why don’t you go find a better paying job?

Average Letsrunner wrote:

dfa wrote:

Wtf, my company apparently didn't withhold enough taxes throughout the year, and just got slapped with a $99 fee.

That aside, the tax code in this country is a sh*t show.

22% effective tax rate. How you guys fairing?

22% effective tax rate? I don’t get how anyone can get by making less than $250k a year. Why don’t you go find a better paying job?

So because he makes more, you're nonplussed that he has to pay more percentage wise in taxes?

Czech Republic, told last week I'd paid too much in tax last year and will get $20,000 back next month.

15% flat rate income tax.

Married, joint income $175k

Owe $4k in taxes

Screwed by kid aging over 17, lowering my child tax credit

And I think also screwed by SALT tax cap

Freaking taxes

Ha ha!

I adjusted my withholding up after the "tax cut" dropped it. Fortunately only owed the Feds about $250. I'm poor, though, so my effective rate is much lower than yours.

Y'all need to pony up and shut up. That money you made came from the infrastructure your taxes paid for, and also the police and bank regulators who protect you from thieves. Otherwise you got nothing. NOTHING!

Bad Wigins wrote:

Y'all need to pony up and shut up. That money you made came from the infrastructure your taxes paid for, and also the police and bank regulators who protect you from thieves. Otherwise you got nothing. NOTHING!

I appreciate the Invader Zim reference.

When the IRS changed the withholding tables to reflect the new tax rates, they intentionally skewed them towards under withholding. The purpose of this was that people would see more money in their paycheck and think highly of the tax cut, thus benefitting republicans at the ballot box.

Welcome to democracy in 2019.

85% of people received a tax cut. The media jumped on the fact that early filers were not receiving the large refunds they were used to. The changes in withholding affected the idiots the most who like to make large interest free loans to the Government. Those are the early filers. They choose to pay extra to the Government every year but then want the money back earlier the following year instead of just paying less to the Government so that they have the money a year earlier in the process. The media moved on after it was discovered that more of the normal filers were receiving refunds. The media knows how dumb the public is in that they only understand the single payment or refund not realizing that it is merely a correction from their own chosen amount of withholding.

Trump is king wrote:

The media knows how dumb the public is....

We all know how dumb the US public is, not just the media. Trump’s election in 2016 was definitive proof that a little less than 50% (specifically Trump’s mouthbreathing, ignorant base) have IQs less than 70 and are completely devoid of critical thinking skills.

... than a butt-hurt snowflake in the morning.....

OP how many exemptions did you have on your W4? Our taxes actually went down.

Married filing jointly using single rate (since we both work and have similar income)

200k AGI

Allowances: 2 Fed, 1 State

Got about $4500 refund. 2k was credit from having a child though.