Whoa! What the heck happened here? (tax related)

[OrangeCountyCommuter]

Holy smokes - I knew that Americans paid less tax - but I don't think I realized HOW much less until right now. I made 66 000 last year - and had 14000 taken off my check for taxes, another 2300 taken off for CPP (SS), 837 for employment insurance and 5200 for my pension fund. Plus various other deductions - medical and dental insurance, union fees, etc. If it wasn't for my 3500 in daycare fees, I would owe more money. According to my quick calculator, I will get back 352.00. Earning 77 000 and paying 6000 and owing a few hundred sounds pretty good to me

OP didn't list out any of those deductions. You are comparing apples and oranges.

 

[averysmom]

OP didn't list out any of those deductions. You are comparing apples and oranges.

I just added those things in to show that federal tax wasn't our only tax rate - like I only paid federal tax, nothing else. So yes, I paid 14 000 in only federal tax on 66 000 gross (this doesn't include provincial (state) tax). So comparing apples to apples, of 6 000 paid on 77 000, that is a pretty steep difference. And OP stated that she was going to owe hundreds, not thousands, so even if she had to pay 900 more, 6900 on 77 000 sounds pretty low to me!

 

[njcarita]

So, since it is likely we will have to pay, won't know the amount until I get all the paperwork together... does anyone know anything about extensions and/or payment plans?

even with an extension u have to pay taxes due......... extension is not for payment its for filing

 

[OceanStateKelly]

Wish I paid 6000.00.. my quarterly payments are 6500.00 we paid 26000.00 last year and we made just over 100,000.00

Jan 15th is coming yuk

 

[punkin]

I just added those things in to show that federal tax wasn't our only tax rate - like I only paid federal tax, nothing else. So yes, I paid 14 000 in only federal tax on 66 000 gross (this doesn't include provincial (state) tax). So comparing apples to apples, of 6 000 paid on 77 000, that is a pretty steep difference. And OP stated that she was going to owe hundreds, not thousands, so even if she had to pay 900 more, 6900 on 77 000 sounds pretty low to me!

I think your numbers are off, she will probably be paying closer to several thousand additional dollars, despite what she says, but yes US taxes are lower.

 

[MomRN]

Holy smokes - I knew that Americans paid less tax - but I don't think I realized HOW much less until right now. I made 66 000 last year - and had 14000 taken off my check for taxes, another 2300 taken off for CPP (SS), 837 for employment insurance and 5200 for my pension fund. Plus various other deductions - medical and dental insurance, union fees, etc. If it wasn't for my 3500 in daycare fees, I would owe more money. According to my quick calculator, I will get back 352.00. Earning 77 000 and paying 6000 and owing a few hundred sounds pretty good to me

Well, part of the problem is my husband and his claiming of 3 dependents. Nothing... well, close to nothing... came from his checks. Since I've already thrown numbers out there let me give this to you for comparison:

I made $56,000. Total amount of deductions (and to be fair this is all deductions including taxes, 403B, insurances, and even cafe deductions- but that was only a few hundred) was $19,000. Of that $11,000 was taxes.

My husband, who made $20,000... had a total of about $2,000 taken out for taxes alone (he doesn't have all these other misc deductions).

So, we are certainly lower, but not as low as it seems from the original post.

When I have a few days off next week I'm going to sit down with everything and figure things out. It looks like we will owe more than I originally thought ($300)... possibly several hundred to $1000+, but we may get a state refund to offset some of that.

It was startling, but we'll just have to save and get it taken care of.

 

[Glenn]

You said you cannt claim your step daughter since she is now 18. Well under some circumstances you still can. Depends on if she lives with you, has an income and or is a student. Look up the description of dependent child and dependent relative at irs.gov. Then call them for further clarification. Good lucky & like you said change your husbands witholding for 2013.