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Income tax question?

Discussion in 'The PatsFans.com Pub' started by Stoper, May 29, 2018.

  1. Stoper

    Stoper Rookie

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    Hi all :)

    I'm looking for some advice on tax - soon going to be changing career and concerned about income tax. I'll be making an extra £400 a month, but as it's halfway through the tax year I was wondering how that would work. I've been told I'll be put on an emergency tax code where I'll be taxed way more than I should be, but it'll be returned at the end of the year. I was wondering how I can calculate what I will make with the different tax? I've looked at sites like this income tax calculator but can't quite work it out myself and could use some advice. Hoping someone here has been in a similar situation and can advise.

    Hopefully I'm worrying about nothing, but I'm always 100% on top of my finances and this has totally stumped me!

    Cheers :)
     

  2. KontradictioN

    KontradictioN Josh Gordon's locker is next to Brady's. PatsFans.com Supporter

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    Just commit tax evasion.
     
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  3. Nikolai

    Nikolai Football Atheist PatsFans.com Supporter

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    This came up at work earlier this year. Some of the guys were wondering why I hadn't committed tax evasion yet. They said they all had, which I knew had to be bullshit. I figured they were just disrespecting me and trying to trick me. But they told me that if I wanted to honor the American flag, I had to commit tax evasion. One guy in my office shouted out that he just did it last year.

    So I did it this year. And now I'm going to jail. But their arguments were so convincing!
     
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  4. KontradictioN

    KontradictioN Josh Gordon's locker is next to Brady's. PatsFans.com Supporter

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    Might as well try out a desk pop at the office before you go to jail. All the guys at my office do it.
     
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  5. BobDigital

    BobDigital Pro Bowl Player

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    I use to do taxes so I can help you out here.

    So I don't know anything about this emergency tax code situation you're talking about. Never heard of it. I would say if someone told you that they are giving you bad information generally.

    Assuming both jobs are in the US then you shouldn't have any issues. If you make an extra 400 a month you may have to move into a new tax bracket but that isn't a big deal.

    Talking only about income tax I can break it down for you.

    Depending on your filing status (be it single, MFJ or HOH) this changes as there are separate tables but here is what it looks like. This will go up slightly by 1-2% in 2018 of course but it gives you an idea.

    Tax Brackets in 2017 - Tax Foundation

    Simply put, your tax rate goes up at each tax bracket, but it's only the point when you go past the former tax bracket that the new one takes effect.

    For instance if you were single and making 60,800 dollars a year your tax rate would be 6,952.50 (which is the total of maxing out the 10% and 15% tax brackets up to 50,800) + 2,500 (or 25% of the 10,000 <60,800-50.800=10,000>). This puts you at 8,452.50 before deductions and exceptions. So try to calculate it like that.

    You should look at your returns in the past to see if you got any special exceptions for being in a lower tax bracket that you may not get this year. I would advice you to give your accountant a call if you have one if you have any questions.

    If you don't have one then here are my thoughts. (Keep in mind I don't know enough about your situation to speak with complete authority). It seems to me your new job may put you slightly over into a new tax bracket and so their payroll automatically takes out the amount they calculate someone working that job all year would want on average.

    If you run the numbers and you think too much is being taken out you can simply talk to your company's payroll service or directly to your boss and tell him you would like a different tax rate taken out of your pay check. Check you pay stub for the details on what is being taken out and say "for the rest of this year I would like this lowered a few percentage points". It's absolutely allowed and you are personally better off getting your money back now than letting the government hold a truly excessive amount where it will just sit idle and not do anything for you.

    If you come in a little under it isn't a big deal. Just get it paid before the 2018 tax season ends and you're good. In the end it's the same amount unless some amount is due after tax season and then there are penalties but honestly they are fairly minor.

    If you have any other questions and would like to ask a more detailed private question send me a private message.
     
    Last edited: Jun 5, 2018

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