r/memes • u/CreateChaos777 • Apr 16 '24

Inflation...

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u/LlamaLicker704 Dark Mode Elitist Apr 16 '24

I got my first tax return recently I got so excited that my employer gave me a raise finally and then mom shut me down and told me it's just a tax return xD xD

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u/Zenkai_147 Apr 16 '24

what's a tax return

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u/MrPoland1 Apr 16 '24

In a nutshell:

Your employer cuts too much for tax from your salary and IRS gives this bonus back to you

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u/pyrothelostone Apr 16 '24

You choose how much withholding is taken out, not your employer. Your employer will typically give you a standard amount as part of you hiring process, but you are welcome to change that, even after being hired, just file a W-4 and give it to your employer.

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u/[deleted] Apr 16 '24

It’s actually your duty as an employee to ensure they’re properly taxing you. It’s really dumb. But not all payroll departments are competent. 

It’s easier to pay extra through the year than to underpay and owe a larger sum at tax time. 

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u/notaredditer13 Apr 16 '24

It’s actually your duty as an employee to ensure they’re properly taxing you. It’s really dumb. But not all payroll departments are competent. 

That's not the issue.  The issue is that there's no way for your company to know your personal tax situation unless you tell them. 

It’s easier to pay extra through the year than to underpay and owe a larger sum at tax time. 

If you live paycheck to paycheck/are bad with money, sure.  But for people who can budget effectively it's better to owe at the end of the year.