Fitw

[hap]

I just received a new pay statement from the Department of Defense. They reduced my FITW $775 this year. This April 15th, I had to pay $450, which means next year I will have to pay roughly $1200. This looks like the same thing Bush 41 did where I went from getting $185 refund to owing $1000. Why don't they leave our FITW's alone?

[CommercialFishinGal]

What is FITW?

[GibsonSG]

Federal income tax withheld.

[hap]

What is FITW?

Federal income tax withheld from your paychecks.

[CommercialFishinGal]

Federal income tax withheld from your paychecks.
LOL Ok , I guess I'm just used to people saying "withholding". Ours was alot this year, ofcourse it is every year. :mad:

[SFC(R)L]

I just received a new pay statement from the Department of Defense. They reduced my FITW $775 this year. This April 15th, I had to pay $450, which means next year I will have to pay roughly $1200. This looks like the same thing Bush 41 did where I went from getting $185 refund to owing $1000. Why don't they leave our FITW's alone?

Correct your W4 to adjust your withholding to avoid paying taxes.

[JerryN]

I just received a new pay statement from the Department of Defense. They reduced my FITW $775 this year. This April 15th, I had to pay $450, which means next year I will have to pay roughly $1200. This looks like the same thing Bush 41 did where I went from getting $185 refund to owing $1000. Why don't they leave our FITW's alone?

There is a new 'Making Work Pay' credit in the jynormous stimulous bill.
It gives workers a $400 credit on your 2009 taxes.
In order to 'stimulate the economy' those of infinite wisdom decided to reduce the withholding tables to reflect this change.

This means that you will get your $400 credit at roughly $1/day instead of as a lump sum next April.
Brilliant, eh?

On the other hand, you can change the number of exemptions claimed at anytime.
Just file a new W-4 with your paymaster.