What does this mean exactly and what should I do?
Based on the information you previously entered, your anticipated income tax for 2007 is $3,843. If you do not change your current withholding arrangement, you will have $12,511 withheld for 2007, resulting in an overpayment of $8,668 when you file your return. If you want your withholding to more closely match your anticipated tax, adjust your withholding on a new Form W-4 as follows:
For the only job you entered (which has a projected salary of $41,650): 11 allowances.
Check the “Single” box on your Form W-4.
Assuming these recommended allowance(s) are in effect for the rest of 2007, your expected refund should be about $2,100. Following this recommendation will ensure that the amount withheld from your wages will cover all of your projected tax liability while minimizing your refund.
Caution! The recommended number of allowances will result in no income tax being withheld from your pay (because your year-to-date withholding
2007-06-14
01:20:42
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4 answers
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Anonymous
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United States