I paid a large tax issue this year and am planning to file quarterly taxes in June. We are a two-earner family with similar salaries. Kids, mortgage, minor dividends, no capital gains, nothing fancy. Right now we are both withholding money via the w-4 at the single rate with zero exemptions which we did as of April. I did a back-of-the-envelope calculation that shows we will STILL owe money next year even at this single rate with no deductions. I plan to file quarterly taxes in June to make up this shortfall. Can someone explain if there was a change in the withholding law that would cause this? I asked coworkers about this and everyone grumbled about tax problems this year. If anyone can point me to a news article or technical piece about this, I would be most grateful. thanks!
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