Spend all my salary still have to pay taxes?

Question

if i spend all my salary will i have to still pay taxes on tax day? say i make 30,000 a year and spend 30,000..

Answer 1

Uh, well, yes, what did you think, you could just say "sorry, I spent it all" and they'd say "oh, OK"?

If you filled out your W-4 properly, you probably had enough withheld to pay what you owe anyway.

Answer 2

Yes you will still have to pay taxes.  It is because the Federal Government didn't trust people to actually pay their taxes at the end of every year that they required employers to withhold taxes from each paycheck.

Answer 3

And if you play games with your W-4 and owe each year, the IRS will send your employer a "lock in" letter demanding that the taxes be withheld at the single/0 rate.

Answer 4

If you are single and you make 30K a year did you miss that chapter in school?  

The first thing you need to do is set up a budget. List all your assets on one side of the page then on the other list your expenditures ( all expenses).   Out of each pay check you should pay yourself first by opening a savings account.  If you make 30K a year you should probably save at least 1/3 of that each year about 10,000 a year.  But you must train yourself to buy ONLY what you need and stay away from those things you would LOVE to have but CAN NOT AFFORD yet.  Put those things on the back burner and you will soon have enough savings that you can buy a few of those things each year.  Continue to build your savings and you may be able to open your own business some day.  God Bless