Determining my true net pay

[JayGZ]

When I got divorced over a year and a half ago, I hastily changed my withholding from 3-2 and then had an extra $80 a month pulled out to, hopefully, cover my taxes.

It didn't work out correctly and I wound up owing about $600.

For 2005, I switched jobs and listed 2 exemptions/withholdings or whatever on my w-2 and $80 a month to be pulled for taxes.

Now I have two questions on this:
1) How do I determine if this is truly correct? Meaning if I can't claim my daughter on my taxes, I guess my # of withholdings should be 1?
2) How do I determine what my true net pay is based on 1 withholding?
3) How do I determine if I will be getting any kind of refund in 2006 based on 2 withholdings and $80 a month deducted for taxes?

Thanks!

[AAAArt]

Jay, Your true net pay is whatever you can cash your check for. You're worrying wy too much. 1 deduction selldom pays all your taxes, so you wind uo owing at the end of the year. If the trustee thinks you're getting too large a refund (several thousand dollars) they will take it and tell you about it. For now. just go with the amount of money that the bank will hand you back when you hand them your check. That IS your true net pay. Art

[StaciMM]

If you want to get an idea of what you'll owe (or get back) for taxes when you file for 2005, I like the calculators at dinkytown.net. There is a 1040 estimator, take your last check stub and enter the info. (Add approximates for any other checks you expect to get in 2005. Its the check date, not the period covered, that counts. So-if you get paid on 1/2/06 for the month of December, that would be in the 2006 tax year.)

If you look like you are going to owe money, you should have your withholding adjusted. Such as, if you owe $1000 you should have an extra $40 pulled out each check if you get paid every 2 weeks. If you are going to owe money, and don't change your withholding, you can assume that you will owe money next year as well. It would be better for you, if you file BK, to file with correct #'s.

Once your withholdings are correct, your net pay is just what is in your paycheck. There are places on the petition to list your gross, and all deductions that come out. (Taxes, other required items, child support...) On the bright side-if you will owe for 2005, and file ch. 13, you should be able to include that bill in your plan. Fixing your withholding should keep you from owing in future years.