BigLaw SA: how much is taxed

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
NotMyRealName09
Posts: 1396
Joined: Mon Nov 09, 2009 5:50 pm

Re: BigLaw SA: how much is taxed

Postby NotMyRealName09 » Thu Dec 25, 2014 2:25 pm

fats provolone wrote:i believe you input start and end date.


Ok yeah then just do that. The IRS knows their numbers.

User avatar
HankBashir
Posts: 536
Joined: Mon Jan 21, 2013 3:01 am

Re: BigLaw SA: how much is taxed

Postby HankBashir » Thu Dec 25, 2014 3:58 pm

This is gonna make look super stupid but: Where are y'all getting ~30 allowances from? I'm seeing like…2.

KM2016
Posts: 198
Joined: Wed Jul 09, 2014 1:20 am

Re: BigLaw SA: how much is taxed

Postby KM2016 » Thu Dec 25, 2014 4:07 pm

HankBashir wrote:This is gonna make look super stupid but: Where are y'all getting ~30 allowances from? I'm seeing like…2.


Sparknotes version: If you put the standard 1 or 2 allowances, you'll be taxed as if you're making $160k even though you're only making ~$31k. This means you'll be taxed a lot, and get a big fat tax return the following year. So to counteract being overtaxed, you declare ~30 allowances to only be taxed on your actual income ($31k). This means you get more up front and have no tax return.

User avatar
hoos89
Posts: 1969
Joined: Sun Jan 08, 2012 11:09 pm

Re: BigLaw SA: how much is taxed

Postby hoos89 » Thu Dec 25, 2014 4:26 pm

Does that take care of the tuition credit too?

jsmith201
Posts: 43
Joined: Mon Mar 12, 2012 10:56 pm

Re: BigLaw SA: how much is taxed

Postby jsmith201 » Tue Dec 30, 2014 8:07 am

Does anyone know how to work the system if you are filing a joint return with your spouse? Should I still use the same methods to avoid a huge refund and get more money upfront

User avatar
BVest
Posts: 5718
Joined: Tue Mar 20, 2012 1:51 pm

Re: BigLaw SA: how much is taxed

Postby BVest » Tue Dec 30, 2014 5:13 pm

jsmith201 wrote:Does anyone know how to work the system if you are filing a joint return with your spouse? Should I still use the same methods to avoid a huge refund and get more money upfront


Does your spouse have an income? It's pretty much the same... calculate what you expect your total income to be, do a calculation of taxes, and then adjust WH accordingly. But beware that there are penalties if you don't WH (or estimated voucher) 90% of your income tax due for the year (or 100% of what was due for the previous year -- lesser of the two). If you're concerned, (1) engage an accountant to do your taxes this year, and (2) ask them.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.