Need an opinion from any accounts/tax experts. This year's W-2's are starting to filter in.
I just looked at this year compared to last year and my wages are nearly identical, but the amount of federal withholding is roughly $3,000 short of last year, with a smaller state deduction too. I haven't changed any of my withholdings myself and on my company payroll site I still report 0's with it just being my wife and I. My company also did not participate in the payroll tax cut from late summer/fall.
Does this change have to do with the tax law passed a few years ago? No need to get into politics if so, the policy is the policy regardless. Just curious on the actual policy and what it means for me. Also, to avoid owing taxes next year, should I fill out a W-4?
For what it's worth, I don't have anything fancy to account for tax wise. Just the standard W-2's and HSA, mortgage interest, 401k contribution. No big investments, properties, etc.
I just looked at this year compared to last year and my wages are nearly identical, but the amount of federal withholding is roughly $3,000 short of last year, with a smaller state deduction too. I haven't changed any of my withholdings myself and on my company payroll site I still report 0's with it just being my wife and I. My company also did not participate in the payroll tax cut from late summer/fall.
Does this change have to do with the tax law passed a few years ago? No need to get into politics if so, the policy is the policy regardless. Just curious on the actual policy and what it means for me. Also, to avoid owing taxes next year, should I fill out a W-4?
For what it's worth, I don't have anything fancy to account for tax wise. Just the standard W-2's and HSA, mortgage interest, 401k contribution. No big investments, properties, etc.
