Originally Posted by <Vibe>
Oh yea thanks to you and your photos I am prepared with all the above lol, this end game sub weighs as much as I do!
I haven't even heard it yet and already cant wait for tax time to order the other!
You're very welcome!
I see people discuss getting a tax refund, like a bonus or something all the time. Technically, the tax refund is the excess amount that the government withheld more than how much your income tax should be. In essence, you, the tax payer lend money to the government, at 0% interest, that the government would need to repay in a balloon payment every year after you file for a tax return. You can legally structure your W4 in such a way that the withholding tax is roughly equal to how much your income tax would be. This way, you don't get a large tax refund. Instead, you pay check is bigger every month because less of your income is withheld.
There is a calculation regarding how to fill out the W4. I calculated that for my situation (married, filing jointly, no kids or dependents, therefore 2 allowances ), on the W4 I would claim a total of 3 allowances
. Therefore, every year when I file for the tax return, I don't owe much, nor the government me (usually less than $100). However, I do get more money every paycheck.