Comments on: Taxes and Your First Job http://www.consumerismcommentary.com/2006/01/11/taxes-and-your-first-job/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Caitlin http://www.consumerismcommentary.com/2006/01/11/taxes-and-your-first-job/#comment-1547 Caitlin Thu, 12 Jan 2006 17:44:04 +0000 http://wp.consumerismcommentary.com/?p=768#comment-1547 ...and yet a lot of folks 20-30 are hobbled with really large student loans to pay off and it only seems to be getting worse. …and yet a lot of folks 20-30 are hobbled with really large student loans to pay off and it only seems to be getting worse.

]]> By: Flexo http://www.consumerismcommentary.com/2006/01/11/taxes-and-your-first-job/#comment-1546 Flexo Thu, 12 Jan 2006 17:01:47 +0000 http://wp.consumerismcommentary.com/?p=768#comment-1546 You can still get hit with penalties. The IRS wants you to review your withholding throughout the year, and if not enough is being withheld, you should increase your withholding as an addition to the default exemption. They can charge you interest. In addition, if a large amount is owed, they can charge an additional 0.5% penalty for each month taxes are late up to 25%. If you file the W-4 incorrectly you can be fined $500. <a href="http://finance.yahoo.com/taxes/basics/withhold/article/100476/How_to_avoid_underwithholding_and_its_penalties" rel="nofollow">More details at Yahoo Finance.</a> You can still get hit with penalties. The IRS wants you to review your withholding throughout the year, and if not enough is being withheld, you should increase your withholding as an addition to the default exemption.

They can charge you interest. In addition, if a large amount is owed, they can charge an additional 0.5% penalty for each month taxes are late up to 25%. If you file the W-4 incorrectly you can be fined $500.

More details at Yahoo Finance.

]]> By: Lauren http://www.consumerismcommentary.com/2006/01/11/taxes-and-your-first-job/#comment-1545 Lauren Thu, 12 Jan 2006 16:48:41 +0000 http://wp.consumerismcommentary.com/?p=768#comment-1545 If you enter your exemptions correctly yet your job underwithholds for you, are you really still penalized? For instance, I'm single (1) and no one can claim me as a dependent (1) = 2. That makes perfect sense. So if our finance deparment screws it up, why should I have to pay a fine? If you enter your exemptions correctly yet your job underwithholds for you, are you really still penalized? For instance, I’m single (1) and no one can claim me as a dependent (1) = 2. That makes perfect sense. So if our finance deparment screws it up, why should I have to pay a fine?

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