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<blockquote data-quote="MattM" data-source="post: 5706535" data-attributes="member: 53192"><p>TurboTax has a TaxCaster app. It doesn’t apply all credits or deductions but it shows you the basic math involved in a very straight forward fashion.</p><p></p><p>A married driver making $100,000 annually will owe about $8200 in taxes. That amounts to about $157 per paycheck. If you are somehow withholding $300, you may be due for a hefty refund. Likewise if you are somehow withholding only $100, you may owe</p><p>Children are worth $2,000 each in tax breaks, so your liability drops and you’d owe just $6200 ( or $120 weekly).</p><p></p><p>Tax refunds are merely overpayments that you made</p><p></p><p>Too many thank the government come taxtime as if the refund is truly free money.</p><p></p><p>A married family man making $52,000 with one kid would owe about $400 for the year, or $8 per paycheck. I know some guys who work PT at Ups who fall within this and they all withhold $30-$50 per $500 paycheck). That $1500 tax refund they receive and gloat about is merely their own money coming back to them. </p><p></p><p>Each one of those guys would be better off throwing at least 1% into their 401k, so they’d have $500 less in tax liability with the At minimum 10% tax savings (with an average of 10% growth on whatever you invest in). But nope. They’ll let the government have a interest free loan with their money for the year instead of lowering their own liability</p></blockquote><p></p>
[QUOTE="MattM, post: 5706535, member: 53192"] TurboTax has a TaxCaster app. It doesn’t apply all credits or deductions but it shows you the basic math involved in a very straight forward fashion. A married driver making $100,000 annually will owe about $8200 in taxes. That amounts to about $157 per paycheck. If you are somehow withholding $300, you may be due for a hefty refund. Likewise if you are somehow withholding only $100, you may owe Children are worth $2,000 each in tax breaks, so your liability drops and you’d owe just $6200 ( or $120 weekly). Tax refunds are merely overpayments that you made Too many thank the government come taxtime as if the refund is truly free money. A married family man making $52,000 with one kid would owe about $400 for the year, or $8 per paycheck. I know some guys who work PT at Ups who fall within this and they all withhold $30-$50 per $500 paycheck). That $1500 tax refund they receive and gloat about is merely their own money coming back to them. Each one of those guys would be better off throwing at least 1% into their 401k, so they’d have $500 less in tax liability with the At minimum 10% tax savings (with an average of 10% growth on whatever you invest in). But nope. They’ll let the government have a interest free loan with their money for the year instead of lowering their own liability [/QUOTE]
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