2013 TAX HOLIDAY EXPIRATION
My taxes are going up about $ one,000 this calendar year. I’m employing TurboTax, so I just needed to make certain this is typical ahead of I officially submit my submitting. Does the payroll tax holiday expiration influence this year’s filing as well, or the 2013 submitting? I’m in the $ seventy five,000-100,000 earnings for every yr tax bracket.
Final yr (2011) we experienced $ sixty two,208 taxable income and had to pay out $ 8,484.00 in taxes. This yr (2012) we had $ 64,887 taxable income and I owe $ 8,861. For some purpose we failed to have as much taken out of paychecks this yr ($ sixty nine,fifty eight in 2013 vs. $ 6,607 in 2013), and I previously know we do not have adequate taken out in advance of time. I just want to make sure that it all tends to make feeling. So I guess it is not actually $ one,000 improve.
Answer by Beverly S
Payroll tax has absolutely nothing to do with Fed. Tax… any calendar year. It sounds like you may possibly have moved into a increased tax bracket this yr.. you will not say what your income was very last calendar year.