2010 Tax tables may cost taxpayers more
SOUTH SAN FRANCISCO, CA—It's 9 am and Jed Guinto has just come home from work. Another 4 hours to rest and he goes to his second job. To make ends meet Guinto is working two full-time jobs in retail this year.
But federal tax tables that set the withholdings failed to account workers with more than one job, some married couples in which both spouses work, and some social recipients with jobs. Guinto could end up owing additional taxes when he files his tax return for 2009.
“I think it's annoying that we'll end up owing the government more money,” Guinto said.
Both Guinto's parents also work full time. even they could end up owing more money to the government next year.
“We chose to work full-time kasi marami rin naman kaming babayarin. Marami kaming mga anak. Kaya marami kaming bills,” said Tessie Guinto, Jed’s mother.
The Guintos say the working class should not suffer because of this withholding error from the government. But the additional taxes are inevitable.
Tax experts say about 65,000 taxpayers could face penalties for underpaying their taxes in 2009.
“These benefits were given to them slowly throughout the year. Because their income may have increased throughout the year, may babayaran na sila ngayon sa gubyerno,” said Al Aquino, a certified public accountant.
Treasury officials say most taxpayers will not have to pay out of their pockets. Most likely the Guinto family will receive a smaller refund when they file their taxes in April.
Experts say people should consult with their accountants and tax advisors before the end of the year to assess their tax situations and limit their tax liabilities.