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February 21, 2024
Question

Why is it saying that I own 255.00 dollars. Is it because I had 7 w2's

  • February 21, 2024
  • 2 replies
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Why is it when they have a thing were you can track your taxes and it says the information doesn't  match  what do I  do then

2 replies

VolvoGirl
Employee
February 21, 2024

Yes probably because you have many W2s.  Because we have a progressive tax system.  The more total income you make you pay a higher percent for tax.

 

Each job only withheld taxes like it was your only job for the year.  You might want to adjust your withholding.  Also as you add more income you might not be getting as many credits as before like the EIC credit. 

February 21, 2024

On each W-2 there is tax withheld. This withholding is an estimate of how much tax you will owe on this income - but just an estimate.

 

It is normal that when you add additional W-2s, that the tax you owe increases. Why? (1) you may be knocked into a higher tax bracket, and (2) the withholding tables assume that this one job is the only job that you have, so that when you add additional jobs, the withholding is not enough.

 

This is why the W-4 that you file with your employer asks you all sorts of questions about other jobs so that the withholding can be better adjusted for your situation.

 

"Why is it when they have a thing were you can track your taxes and it says the information doesn't  match  what do I  do then"

1. Who is "they"?

2. Who can track your taxes, you or they?

3. What information doesn't match what?

 

Remember that we in the Community cannot see your private tax data nor your screen, so help us help you by giving us more detail.

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