2011 tax question

[Jaspro]

I just got my first paycheck for 2011. My pay increased $130 a month. HR says it was due to change in social security withholdings(6.25% to 4.25%). and a slight change to income tax amount. I am trying to figure out if I need to change my filing status to keep from having to pay a the end of the year and HR can't answer that. They refer me to my accountant which I don't have. Lol

I currently file single with no dependents.

[Snakelover]

If you want, you can leave your marital status and number of dependents the same as it was last year and just put $130/month in the "additional withholding" blank. I always have a number in that blank because I use it to round out my net paycheck to an even amount.

[slayer]

you are already at the lowest without taking additional holdings. I doubt the $ 1560 net you will receive will put you oweing at the end of the year.

[txdukklr]

I also think your fine, either save it or spend it. . . . thats why the rate was reduced to stimulate the economy.

[Blue Tick]

If you are single a no dependents, they are still withholding the highest amount! You should be ok.

[Snakelover]

You should be able to figure out how much of the change was social security. And that portion you don't have to worry about. Assuming nothing else changed from last year, then you can take the difference, multiply it by twelve months and compare that number to last year's refund. If your refund last year exceeded that amount, you should be fine. If not, take that shortage amount, divide it by the eleven months you have left to contribute and put that number in the additional withholding blank. Clear as mud?

[Miki]

What he said