Personal Finance (Not Investing) • W-2 Ballpark Check Requested

Hi all,

My withholding from my W-2 from the past few years has been off significantly, with the margin of error increasing, and I am wondering why.

Here is some info from Tax Year 2023, please let me know if more is needed to verify that the withholding is in the right ballpark.
Box 1 (Income): 619.2k
Box 2 (Fed Income Tax Withheld): 118.6k
Box 4 (SS Tax Withheld): 9.9k
Box 6 (Medicare Tax Withheld): 13.7k

I also elected 10k in deferred comp and max pre-tax 401(k) at 22,500, which are reflected on my W-2.

When I enter this into TurboTax, I owe about 35k in federal taxes.
Is that withholding in the right ballpark? Should the actual withholding be around 155k? If so, why is it off by so much?

Thanks for any input or suggestions.

Statistics: Posted by anewboglehead — Fri Sep 20, 2024 12:55 pm — Replies 5 — Views 209

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