Income taxes, Withholding and Refunds SIMPLE. You Work and Earn Money.

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Presentation transcript:

Income taxes, Withholding and Refunds SIMPLE

You Work and Earn Money

Earnings and Withholding taxes Each pay period, you have money withheld for taxes based upon your requested withholding rate. taxes The money withheld builds up like a savings account. It is held by the IRS. taxes At the end of the year, your employer tells you the total amount withheld for taxes on your W-2 or pay Each pay period, you earn money. pay Your employer(s) keeps tracks of your total pay for the year. pay At the end of the year, your employer tells you the total amount of pay on your W-2 or 1099.

At the end of your tax return, you compare how much you owe with how much you have paid. If you paid in too much, you get a refund. If you paid in too little, you will owe additional taxes. Then you add up your total payments made for the same year. You use a tax return to calculate the taxes you owe for the year. Your Tax Return

So, Why Don’t I Want A Refund? It is your money – don’t loan it to the IRS! (They’re not paying you interest.) Refunds can be delayed for a variety of reasons. A more balanced approach puts more money in your pocket each month. The IRS can garnish refunds for back taxes, student loans, child support, alimony, or fees or interest on tax returns. Refunds tend to inspire binge shopping, even beyond the amount of the refund.

How Can I Fix It? You can change the amount you have withheld by filling out a new W-4 Federal Withholding form. Military members may make the change online via their MyPay Account.