After the fiasco from last year I decided to change things up a little. I modified my withholdings to max out the amount i can withhold from my paycheck. I also added some fake income on top of that for the higher withholding category, and i also added in an extra withholding on top of that just in case. At this point I have my withholdings set to 60% per paycheck. I think the idea is that i get a bigger refund later on so i hope this works. I know the IRS has been stalling a lot of refunds lately, but i guess its better to get money back than to owe money to the IRS. Although I could be wrong
Honestly come 6 months time, the IRS will just be doing the same thing anyways with everyone else. Right now i have it setup that I give into the IRS around 120,000/yr and than I should get back around 40,000 from the refund or so. The last time I tried this, I got significantly less money back than my plan originally anticipated so I'm assuming I need to aggressively increase my withholdings to make up the difference.
My take home net pay is around 250,000 and with my withholdings Im looking at around 75,000 take home per year after i account for all my withholdings and tax structure, etc When you account for the refund, I would still only get up to 135,000 or so after all the taxes are taken out.
CovidHoldout -1 points 1.7 years ago
Honestly come 6 months time, the IRS will just be doing the same thing anyways with everyone else. Right now i have it setup that I give into the IRS around 120,000/yr and than I should get back around 40,000 from the refund or so. The last time I tried this, I got significantly less money back than my plan originally anticipated so I'm assuming I need to aggressively increase my withholdings to make up the difference.
My take home net pay is around 250,000 and with my withholdings Im looking at around 75,000 take home per year after i account for all my withholdings and tax structure, etc When you account for the refund, I would still only get up to 135,000 or so after all the taxes are taken out.
source: my accountant