Making more money, claiming as single with one dependent now what does that mean?

[LizardofOz]

So I am going to be claiming as single at my new job with one dependent. I think in terms of Kentucky taxes I will pay the top rate, KY always screws me even when I was married. Federally though, my bracket hasn't changed it's the 25% bracket but I know it won't actually be that top rate. What will it actually be and how do I calculate such things? Sorry wasn't sure where to ask the question. Does it matter that I make the high end of the 25% bracket, approaching the 28% bracket? How does all this factor in?

 

[Paleocon]

So I am going to be claiming as single at my new job with one dependent. I think in terms of Kentucky taxes I will pay the top rate, KY always screws me even when I was married. Federally though, my bracket hasn't changed it's the 25% bracket but I know it won't actually be that top rate. What will it actually be and how do I calculate such things? Sorry wasn't sure where to ask the question. Does it matter that I make the high end of the 25% bracket, approaching the 28% bracket? How does all this factor in?

Don't seek personal economic advice on the internet.

 

[KevinKohler]

So I am going to be claiming as single at my new job with one dependent. I think in terms of Kentucky taxes I will pay the top rate, KY always screws me even when I was married. Federally though, my bracket hasn't changed it's the 25% bracket but I know it won't actually be that top rate. What will it actually be and how do I calculate such things? Sorry wasn't sure where to ask the question. Does it matter that I make the high end of the 25% bracket, approaching the 28% bracket? How does all this factor in?

The largest factor is number of dependents. Past that, your earnings puts you in a higher bracket.




Me?



I claim the minimal amount so as to keep it all on my check. The way I see it, I can let uncle sam hold my money till the end of the year, with NO interest, or I can hold my money, and invest it or whatever, and maybe owe uncle sam a bit come april, but with the caveat of having my money make me money in the mean time. It's a no brainer.

 

[LizardofOz]

Don't seek personal economic advice on the internet.

True enough, but I'm just wondering is all. In about 2 years I will get into 28% bracket and I just want some kind of cushion from the shock of how much taxes get taken out. I'm actually used to Kentucky raping me constantly on taxes. They normally take more (somehow) than federal and I end up owing them. Really what I'm asking is, if I will end up owing money in the end of the year federally.

 

[Kushinator]

True enough, but I'm just wondering is all. In about 2 years I will get into 28% bracket and I just want some kind of cushion from the shock of how much taxes get taken out. I'm actually used to Kentucky raping me constantly on taxes. They normally take more (somehow) than federal and I end up owing them. Really what I'm asking is, if I will end up owing money in the end of the year federally.

That depends entirely on your current withholding schedule. Impossible to determine given the information you've provided.