Question FICA

[boston28pink]

I am looking over my bankruptcy papers and i noticed that what they put for my monthly taxes is about 300 less than what i actually pay. I believe they left out the fica tax. is this right or should that be added?

[justbroke]

It should be added. Also, your attorney may have factored in any "overwithholding" and that may be why it's $300 "less". For example, say you have $500 taken out per month yet get back $3600 at the end of the year as a refund. That's an overwitholding of $300 a month. Therefore, your attorney would put $200 for your taxes!

Of course, this practice varies by District, but it's the right way to do it.

[boston28pink]

i should only be getting 1900 in a refund this year so i m not sure why they would be holding the $300. this is confusing

[LimpDisc]

Same situation for me on my schedules except it was reversed. I pay in every year so my schedules show more taxes then my paystubs.

justbroke explained it exactly how my attorney did for me.

[boston28pink]

when they dont add all the taxes, it looks like i have more money every month than i do. thats just my concern

[justbroke]

when they dont add all the taxes, it looks like i have more money every month than i do. thats just my concern

It sounds as though you have a legitimate concern. Please ask your lawyer if you can sit down and go over the numbers one by one. You should understand how they calculated your income, and be comfortable with it.

[boston28pink]

Thanks!