I did my taxes and the sub pay k–led me so I have to pay federal taxes. When I was laid off last year they told me taxes would be taken out so it wouldn't effect me filling my taxes. Well, they were but they used code CD and now it changed my taxes. Anyone file taxes yet and have a problem? Maybe I did something wrong, please give me any information you have on this subject. Thanks
8 replies (most recent on top)
Well be glad you got to use IRS money (what you still owe) instead of them using yours (what you get as refund).
Fun with taxes: I try to owe something every year, tricky because if you owe too much, there is a penalty.
My understanding is that the Sub is you continue getting paid like normal until your finished. Ex., if I work 15 years x 2 weeks= 30 weeks. I will continue getting paid for 30 weeks.
One reason your taxes might be higher is if you’re no longer contributing to a 401(k), if you’re getting that in your paycheck, you’ll be taxed on it
Oh you meant they under-withheld, so you still owe. Yes, that happened to me last year, and I was surprised that I got much less refund. So sorry that I misunderstood.
What I mean by paying taxes ,I will not receive a refund. I will owe an extra 500.00.
Of course you should pay taxes, just like those that actually worked for their money.
Sorry, no such thing as a free lunch, despite any advice to the contrary. I guess you are finding that out.
Just be glad it’s a year with reduced taxes, since that might not last long.
Good luck to us all.
Prolly shoulda asked if it would affect your taxes.
Sorry I mean DD