Too much taken out of check for taxes?

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My husbands company is taking out $48 per check (2 checks per month) for federal taxes. We claimed 13 exemptions and expected it to be less. I think we will get a small refund for this year around $100 if nothing had been taken out at all, due to the child tax credit. My problem is we need to have nothing taken out of federal. Here is a quick run down of the numbers. W-4 wages should be 58000. We are married filed jointly with 3 children who are all eligible for the child tax credit. Have $500 in student loan interest. We itemize and our deduction should add up to $16000. I figure this at 24500 taxable income for a tax of aprx. $2900. After the child tax credit is applied for all 3 children we should get $100 back.

So why are we having almost $100 a month taken out? This will give us a refund of around $1300 when we really need the money now? Can we claim exempt? Can we claim more than 13 deductions? Is there any other way to get this reduced? Thanks.

Too much taken out of check for taxes?

sorry u have been misinformed.

federal taxes include social security and medicare both are not opt out .

if u 'need ' the money check out a budget to control ur income out goes.

visit dave ramsey.com to learn ur challlenges. ur numbers seem off.

Too much taken out of check for taxes?

Your calculation of your taxable income looks correct, although since the child tax credit isn't refundable you don't just get that extra $100 back. But in any case, you're right, you shouldn't owe any tax.

Assuming that you expect 2008 to look pretty much like 2007, yes he could file his W-4 as exempt.

Too much taken out of check for taxes?

Are you sure the $48 is federal tax and not SS or medicare?

Too much taken out of check for taxes?

holy crud ! you are claiming 13? is that not going over board? and if all they are keeping from the check is 48 dollars, that is not enough. i claim 0 and have two kids, make 20,000-24,000 a year, and my tax return is 7,147 dollars. what are you people doing?

Too much taken out of check for taxes?

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