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

Lot of wrong here. Try again.

Have we hit 3% annual gdp growth?

Have we not had the largest single budget deficit in February?

Was 3/4 of the job growth not in California last month?

Idiot

How can some ask if Republicans want everyone to do well. The upper muddle class votes Republican so it is in their interest to boost everyone to that level. The lower class class votes Democrat so why would the Democrats want that group to rise to the upper middle class? It is very logical that they need to keep minorities down while it benefits Republicans to help minorities to rise in economic status.

I owe $14k and a penalty. It is the smartest thing to do. Read the other thread where people recommend against paying down a mortgage. Rather than prepay the Government, invest the money and pay a 1% penalty which is merely a 1% loan for the year.

it was the plan wrote:

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.

Well that did not work out so well for the GOP in the House...

You are correct, I wrote it wrong in terms of filing quarterly.

One issue was the change in the SALT tax IIRC. I wonder how many people with the bigger bills or smaller refunds did not take that into account.

Incomed wrote:

tax amateur wrote:

There's no such thing as "filing" quarterly, you must be thinking of quarterly estimated payments. But he's already making payments with every paycheck, they're just not withholding enough.

The poster is correct. You can be required to pay additional taxes each quarter if you grossly underpay. That IRS requirement is not tied to a regular paycheck. It covers all sources of income, including interest income, investment income, social security income, retirement account withdrawals, and similar "income".

I was in error in writing "filing" when it came to paying a quarterly estimate.

taxed to death wrote:

Have we hit 3% annual gdp growth?

Have we not had the largest single budget deficit in February?

Was 3/4 of the job growth not in California last month?

Idiot

Where did you get the stat on 3/4 of job growth being in CA last month? Why choose a month? What about over the year?

I chose it because I apparently don't care about the rest of the country and things are so fantastic everywhere. I'm selfish because I was worried about my taxes going up. I should be worried about the rest of the country. While we generate most of the job growth. And GDP. And are a net payer while most of the republican countries are net takers.

moist wrote:

It's actually quite simple. Use the IRS calculator I linked above, overestimate your income, underestimate your deductions, and make adjustments based on the app's recommendations. Easy breezy, banana squeezy.

I used that IRS calculator. I changed my withholding.

My total tax went up from last year. I still owed at filing time. It was a very small amount and not really a big deal, but it goes against the narrative that if you used that calculator then you are in the clear. I would have owed a lot more if I had followed that.

here is how it works wrote:

moist wrote:

It's actually quite simple. Use the IRS calculator I linked above, overestimate your income, underestimate your deductions, and make adjustments based on the app's recommendations. Easy breezy, banana squeezy.

I used that IRS calculator. I changed my withholding.

My total tax went up from last year. I still owed at filing time. It was a very small amount and not really a big deal, but it goes against the narrative that if you used that calculator then you are in the clear. I would have owed a lot more if I had followed that.

Huh? What narrative?

Sounds like you used the available tools to your advantage.

Dems are selfish wrote:

Republicans want everyone to do well. Democrats only worry about themselves.

Amazing.

Written like a true conservative.

Every word you just wrote is wrong.

moist wrote:

here is how it works wrote:

I used that IRS calculator. I changed my withholding.

My total tax went up from last year. I still owed at filing time. It was a very small amount and not really a big deal, but it goes against the narrative that if you used that calculator then you are in the clear. I would have owed a lot more if I had followed that.

Huh? What narrative?

Sounds like you used the available tools to your advantage.

The tools said that they would make sure the appropriate amount of taxes were withheld. I used the tools. The government still under-withheld my taxes.

Underwitholding is a good thing. Why are you complaining? You had the extra money all year at a very minimal cost. Getting refund is a bad thing because you could have had the money invested in the market.

You should switch parties and you will discover how amazing it is to see the world as it is. People want to work. People are capable. People don't want to be enslaven. Stop insulting people by thinking they are helpless. Teach a man to fish instead of giving him a fish. He will be mush more fulfilled.

It's mostly just us lower and middle class people who want to work.

The ultra rich mostly just want to ride off of rent, and enhance it with enforcing monopolies and purchasing legislation. And of course, they want to get huge government tax handouts, and to privatize their profits and socialize their debts.

dfa wrote:

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

I think you don't understand how the withholding system works. YOU fill out the W4. The company can not and does not fill it out for you. In fact, it would be a federal crime for the company or anyone else to fill it out for you. You took too many deductions on your W4. Go to HR tomorrow and fill out a new W4 with the correct amount of deductions. Stop blaming others for being uneducated and ignorant.

sbeefyk2 wrote:

dfa wrote:

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

I think you don't understand how the withholding system works. YOU fill out the W4. The company can not and does not fill it out for you. In fact, it would be a federal crime for the company or anyone else to fill it out for you. You took too many deductions on your W4. Go to HR tomorrow and fill out a new W4 with the correct amount of deductions. Stop blaming others for being uneducated and ignorant.

You stinking idiot. Did it occur to you that the actual amount withheld is not just a function of W4 but also the market value of restricted stocks? The main reason I got into this situation is because my stocks rose too much which made whatever the company withheld as part of RSU grant too little. You wouldn't know that because you tax situation never went beyond filling out your hourly tips and wages.

You are correct that the ultra rich are Democrats and they don’t want to work.