BL associates — is it normal to owe a ton of taxes? I haven’t done my state tax yet but I owe like 5k just for the federal. Midlevel fwiw.

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It’s normal if you don’t withhold enough, often because bonuses are withheld at a default 22%, which is less than your effective rate.

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Not me over here looking at my $20K in taxes I have to pay this year. And then a $300 fine on top of that because my firm didn't withhold enough, yet we get tagged with the late penalty.🤦🏻‍♀️ I'm more senior, but still. It is a gut punch having that much clawed back every year and the late penalty is just dumb.

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If this happens every year, you probably haven’t set up your w4 properly.

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$5 seems ok not a ton at this level

Lollll we owe close to $25k each year … launched a STR last year so this year we are getting back close to 70k instead of owing anything

That’s amazing!

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I usually owe the fed around $10k

I owe 5k and I only made 40k last year as a freelancer. But I also didn’t have taxes set aside because i couldn’t afford to.

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