Day 68 of 180 – Trekking Up the Money Mountain

Action Tip:  Yesterday we examined our federal taxes. Hopefully you did the calculator and adjusted your allowances if need be. I did and it certainly helped me!

Do the same with your state income tax if your state has one. Your withholding status may have changed, but you never changed it with your employer. Make the necessary changes so you don’t have too much or too little state income tax being withheld.

Ideally, you will not get a refund and you will not owe a payment during tax time. You will put your money to use throughout the year.

See here for two examples:

Gross income minus fed and state taxes

Super Nerd – Gross income minus fed and state taxes