Ive been doing my own taxes for the past 6 years.?
Ive been doing my own taxes for the past 6 years. I realized that my 2019 tax was only taken from 2/4 of my w2s, therefore, causing me to owe. The company says I claimed 8 on my w4 and I should contact my tax consultant. What does this mean? Lets break this down. I realized that my 2019 tax was only taken from 2/4 of my w2s Tax is not taken from W2s. W2s only report what happened over the past year. Tax is withheld from pay throughout the year, based on the amount you make each pay period, the frequency with which you are paid, and the information you provided to your employer(s) on your forms W4. I think what you are actually saying here, is that of 4 different jobs/employers you had, there were taxes withheld from only two of their payrolls, and so your W2s only show Federal Income Tax Withheld of more than $0.00 on two of them. It probably means that for two of the employers, your pay was so low, that given whatever information you provided on your W4s, meant that no income tax should be withheld therefore, causing me to owe. The total of your withholding from all jobs in the year was less than the actual tax you owe. This is a common occurrence when one has multiple jobs, some of which pay very little. The withholding tables are built to do a fairly good job with a single person and only one job; the more jobs involved the more likely that there will be underwithholding, and you will have some tax remaining to be paid at the end of the year The company says I claimed 8 on my w4 One of your employers claims that you filled out a form W4, claiming 8 exemptions, and that this explains why your withholding from that company was so low. and I should contact my tax consultant. Your employer is telling you that they will not give you any tax advice, and that you should consult with someone who knows income tax law very well. Note: They did not mean to ask people on Quora. What does this mean? You probably should not be doing your own taxes. Take your employers advice, and find a tax professional to help you.