TikTok video #7431165346712734981

Oh, why do I owe so much in taxes this year? I usually get a return. That is true. You typically do get a refund every year, but there are a few things that play into why you're not getting one this year. I think I know why. It's been all over TikTok. I'm pretty sure it's like these tax codes or sunset or something like that. The government just like been screwing everyone. I hadn't thought of that. So what actually happened was your spouse got a job last year. That couldn't be why we owe so much money. She barely made any money. Well, she made about $30,000, and unfortunately, she only had withheld like $300. You see, I told you the government's screwing us over. Why do they withhold so little? Shot in the dark, she probably gave a W-4 to her employer marriage filing joint, right? Well, yeah, that's how we file. But she did all zeros, so they should have withheld some money. That's great that she put all zeros, but you have to understand, when you give a W-4 to your employer without any information about the other income that you may have or your spouse has, then they are going to withhold as if that is all the income for that family based on that filing status. None of the words you just said made any sense to me. She made $30,000. If she said she was married filing joint and that was your family's entire income, the standard deduction is $27,700. That's about $2,300 of taxable income that would be left over. So they're not going to withhold much of anything on that $30,000 of income. But that's not our family's entire income. I make like $160,000 on W-2. Yeah, but that employer didn't know that because she didn't fill out the W-4 in light of that. Unfortunately, her $30,000 basically stacks on top of your $160,000, meaning all of it was essentially in the 22% marginal tax bracket, meaning that's where it should have been withheld, and then you would have been okay. Well, all right, fine. Then what can we do to fix it? One, you can either pay some estimate payments during the year if you know she's going to be underwithheld, or two, you can have her add an amount to have additionally withheld. It's on line 4C of the W-4, or at least have her give a W-4 back to her employer as marriage filing separate so they withhold at least twice as much or a little bit more on her W-2. So that way, it will be a lot closer come tax time next year. But we don't file marriage filing separate. I know. I do your taxes. But understand, that W-4 form that you give to your employer just goes to your employer. It doesn't go anywhere else. It's just so they can know how to withhold your W-2, and that lets the payroll company know which withholding tables to look at for that wage. Okay. So what you're saying is they didn't bump up taxes. This is a withholding issue. Yes. Actually, that's exactly what I'm saying. Now, I will say this. Withholding companies do seem to have underestimated how much to withhold this past year, and I think it's because of these massively increased tax brackets based on inflation, which actually lowered a lot of people's taxes, but might have underwithheld a little bit for some people. So that could be it? No. Stop it. Yours is just a change in the tax situation.