Did anyone's federal taxes just go down?

[neonrog]

Just don't forget to adjust your W4 so you don't OWE next April...

 

[karstic]

It's hard to get a good baseline when you don't work 40 hours every week.

 

[wolfpackjeeper]

or if you are salaried.. easier that way too

 

[IslanderOffRoad]

Just don't forget to adjust your W4 so you don't OWE next April...

I adjusted mine earlier this year because I owed a bit on my taxes for 08.

 

[DeftwillP]

Just don't forget to adjust your W4 so you don't OWE next April...

Bingo.
This is the "make work pay" tax credit(not cut). It's just reducing your payroll tax by around $13 per week. It does not change your tax bracket or amount of taxes owed. You will still owe the same amount of taxes next year even though you probably didn't "give" as much to the Uncle Sam 0% interest CD. Not making this political, but anybody attending a tea party on the 15th?

 

[rockjockphatts]

Bingo.
This is the "make work pay" tax credit(not cut). It's just reducing your payroll tax by around $13 per week. It does not change your tax bracket or amount of taxes owed. You will still owe the same amount of taxes next year even though you probably didn't "give" as much to the Uncle Sam 0% interest CD. Not making this political, but anybody attending a tea party on the 15th?

X 465

You're only getting less withheld, there's going to be a lot of pissed off people come next April.

 

[woody]

Exactly... all they did was cut how much the tax man skims off at each pay cycle. In my terms, enough extra each month for a can of powder, a case of good beer, or a nice steak dinner once a week...

We got a small ($315) refund this year, and by my rough ciphering we'll owe a little or be about even for 09. SSDY...

 

[RichP]

Exactly... all they did was cut how much the tax man skims off at each pay cycle. In my terms, enough extra each month for a can of powder, a case of good beer, or a nice steak dinner once a week...

We got a small ($315) refund this year, and by my rough ciphering we'll owe a little or be about even for 09. SSDY...

Yea, changing my deductions again, don't want to get caught with owing next year, it's OK for them to use it during the year but come april 15th I want a good portion of it back.

 

[Shorty]

Yea, changing my deductions again, don't want to get caught with owing next year, it's OK for them to use it during the year but come april 15th I want a good portion of it back.

you have a lot more faith than do I. I wouldn't put it past the gov't to find some way to retroactively keep the "extra." I'll keep trying to cut it as close to ballz-on even as I can and let them use that which they must take.