That's why you set the max number of "dependents" when you start a job.
The more dependents you have, the less they take out of your paycheck for taxes. You still pay the difference but it does give you a bigger paycheck.
Most people don't do it because it's nice to get a bigger paycheck from the government at the end of the year but I'd rather have my money now instead of trusting the government to give it back to me.
You can legally set yourself as a dependent (at least where I live).
Just going to drop a little Fact about taxes and deductibles on here that some people might not know about.
The government deducts the amount of interest you pay on a student loan up to a certain amount.
Meaning, if you pay a certain amount a month on your student loans you basically get the interest back as a deductible. I think it's about $5,000 where I'm from.
That's why so many people don't pay off their student loans immediately.
I personally already have more than enough to pay mine off in one shot but I'd rather keep my money and let the government pay for the interest.
This is how you know OP has never had a job.
He doesn’t know that every paycheck, taxes are automatically taken out.
That's why you set the max number of "dependents" when you start a job. The more dependents you have, the less they take out of your paycheck for taxes. You still pay the difference but it does give you a bigger paycheck. Most people don't do it because it's nice to get a bigger paycheck from the government at the end of the year but I'd rather have my money now instead of trusting the government to give it back to me. You can legally set yourself as a dependent (at least where I live).
We don't pay until we're set free.
Just going to drop a little Fact about taxes and deductibles on here that some people might not know about. The government deducts the amount of interest you pay on a student loan up to a certain amount. Meaning, if you pay a certain amount a month on your student loans you basically get the interest back as a deductible. I think it's about $5,000 where I'm from. That's why so many people don't pay off their student loans immediately. I personally already have more than enough to pay mine off in one shot but I'd rather keep my money and let the government pay for the interest.
How can you get out of automatic withholding?