Why are more taxes being taken out of my paycheck this week?

A few months ago I saw the tax break President Obama said was coming. There was $18.00 more per week! Because of the hard times, I started putting that $18 directly into savings.

It isn't much, but I loved it as I live paycheck to paycheck. Then, this week I saw a $19 decrease in my paycheck. I compared pay stubs and it looks like my California state taxes increased by $3 a week and my federal taxes increased by $16 a week!

So now I am making a dollar less than I was before the "tax breaks". Does anybody know what happened? Where did my tax break go?(and yes, all my coworkers were hit in a similar fashion) Asked by claytonboen 31 months ago Similar questions: taxes paycheck week Business > Financial Planning.

Expert: John Stancil, CPA - 12/26/2007QuestionQUESTION: I am a California resident confused about my income taxes. I have been an hourly employee for a non-profit organization since October. I didn't work that many hours at first, but since the second half of November, I have been doing about 50 hours a week.

This is my first full-time job. The reason I am confused is that a different percentage of taxes has been taken out of each paycheck. For example, in an early pay period I earned $221.25 in gross wages, and about 13% was taken out for taxes.

But in a more recent pay period, I earned $938.83 in gross wages, and about 22% was taken out. I had expected a flat percentage to be taken out of all my bimonthly checks. How can I predict the amount I will get in my paycheck each period?

And am I supposed to get some of this back at the end of the year? How much?(I don't remember if I filed for any exemptions, but I am single, independent, and have no children.)Thank you! ANSWER: R,Thanks for your question.

More is being taken out because you are are earning more, which puts you into a potentially higher tax bracket. When you were earning $220 a period, you were likely in the 10% bracket. At $938 a period, you moved up to the 15-25% bracket.

Whether you get any back at the end of the year depends on 1. Your total income for the year, 2. Your filing status, 3.

Your itemized deductions or standard deduction, 4. Any credits you are eligible for, and 5. The amount withheld from your check.

Lacking information about 4 of those 5 categories, I could not begin to tell you if you will get a refund or not. You can't really predict the amount you will realize in each paycheck, as the withholding percentage varies (as you now know) with income. If you wanted to, you cold download a copy of IRS Circular E (irs.

Gov), which contains the withholding tables and you could figure out how much would be withheld from each check. Hope this helps. John Stancil, CPA---------- FOLLOW-UP ----------QUESTION: Thanks, John.

That makes it more clear. Now I have another question:I'm going to start a second job in January. For every pay period, I expect to earn about $530 from my first job and about $380 from the second one.

Thus, my gross wages will be similar to what they were before, except I will be earning less from each job.So in this case, how will the taxes affect me? Will a smaller percentage get taken out of my paychecks? And if so, does this mean I'll be responsible for paying more at the end of the year?

Any insight will help. Thanks! AnswerWithholding on each job is separately handled.

Between the two jobs you cannot claim more withholding allowances than you are allowed. For example, if you are allowed 3 withholding allowances, you can take only a total of 3 between the two jobs. It might be a good idea to claim fewer allowances in order to avoid paying at the end of the year.

The $530 job will have withholding based on your annual income at that level. The $380 job will have withholding based on that being your total income. Since they combine to put you in a higher bracket, you will need to have more withheld, or pay up in April.

Hope this helps. John Stancil, CPA Sources: http://en.allexperts.com/q/Tax-Law-Questions-932/Taxes-taken-paychecks-increasing-1.htm .

Attempts to fool Jennings with a similarly looking decoy. Michael Jennings is a reverse engineer; for lucrative sums of money, he analyzes his client's competitor's products and designs new versions that excel above and beyond the original's features. However, when he finishes his job, he undergoes a memory wipe with help from his friend Shorty to protect his client's intellectual property.

He is offered a job from James Rethrick, an old college roommate and CEO of Allcom, which may take up to three years but will be rewarded handsomely with company stock. Jennings agrees, and takes up residence in the highly secure Allcom facility, falling in love with biologist Dr. Rachel Porter during his tenure. Jennings is injected with a special radioactive memory marker that will be used to track down how far his memories have to be erased.

Jennings, finding himself three years later and congratulated by Rethrick for a successful job, attempts to cash on his reward to find that he signed away his shares of Allcom. All that Jennings has to show for his time is an envelope claiming to be his personal possessions that he entered Allcom with three years ago, but instead contain a seemingly random assortment of items. As Jennings tries to figure out what happened, he is captured by the Federal Bureau of Investigation who are concerned over his involvement with Allcom and the connected disappearance and death of physicist William Dekker.

Jennings manages to escape their captivity, quickly realizing that each item in the envelope can be used at the right time to keep himself out of the FBI's hands. Meanwhile, Rethrick is surprised to learn that Jennings managed to escape the FBI, and starts an investigation of how Jennings was able to escape. He discovers that Jennings left a message to Rachel to meet at a cafe that day, and attempts to fool Jennings with a similarly looking decoy.

Jennings is saved from the encounter by the real Rachel, and together escape both Rethrick and the FBI. Jennings comes to learn of his past romance with Rachel. As the two sort through the remaining items in the envelope, they encounter a microdot on one of the stamps on the envelope; up close, the dot reveals images, most of newspaper headlines that outline Allcom's rising success due to a device that can predict the future and political battles over the technology, leading to self-fulfilling prophecies and a final image showing a planet devastated by nuclear war.

The two come to realize that Jennings must have been working on this time predictive device while at Allcom, reverse engineering the details from Dekker, and that Jennings, having discovered this grim future, took steps to try to prevent it, including providing himself with all the needed items to stay out of danger after using the device to see into his own immediate future. Jennings also had managed to disable the device just prior to leaving Allcom, rendering it useless for Rethrick to attempt to use to trace him down. Sources: http://en.wikipedia.org/wiki/Paycheck_(film) .

1 Sound like your state government took it.

2 California has been increasing taxes all over the place to try to trim it's multi-billion dollar shortfall! I'm sure that you've noticed that your sales taxes and gasoline taxes have also increased, for example. This user has been banned from Askville.

2 California has been increasing taxes all over the place to try to trim it's multi-billion dollar shortfall! I'm sure that you've noticed that your sales taxes and gasoline taxes have also increased, for example.

California has been increasing taxes all over the place to try to trim it's multi-billion dollar shortfall! I'm sure that you've noticed that your sales taxes and gasoline taxes have also increased, for example.

3 That's how tax cuts always work. They shuffle the deck and you lose.

That's how tax cuts always work. They shuffle the deck and you lose.

I am planning a last second trip to Boston this week. Where can I stay for cheap? Youth hostiles or similar?

Thanks! " "I am listed as single on my paycheck deductions, but I file my taxes as married filing jointly, is this right? " "five sentences about the role of education in successful financial planning using different verb tenses" "TAXES" "is there a certain type of estate planning where you can give your house to your kids without having them pay taxes?" "where can I get a sample marketing plan for a financial planning company?

" "Do you live paycheck to paycheck? " "Do you live paycheck by paycheck?" "Financial Planning for a Sizable Windfall" "Anyone doing their taxes right now?

I am planning a last second trip to Boston this week. Where can I stay for cheap? Youth hostiles or similar?

Thanks!

Five sentences about the role of education in successful financial planning using different verb tenses.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.