Hey everyone, I need an answer in just a few hours before I have to go to work and turn in my W-4 forms. I don't really know the justs of it, but from what I can tell, I have 2 options, I can either A. Get alot of money each month but a much smaller tax return at the end of tax season, or B. loose hundreds of dollars each month, but get a check at the end of tax season.
The only problem is I don't know how to do either. Do I just put in 0's and not even claim myself for option A? Or do I just put in 1's to get more money each month like in option B? Or do I have to put ones in some fields and 0's in other SPECIFIC fields? Pls answer this ASAP I have to be at work by ten in morning and it's 2AM already. Thansk.
2006-07-24 22:09:54 · 13 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
It doesn't matter what you put in each specific field, only what you put in the bottom total field (the IRS doesn't look at the rest.)
0 -- you'll definitely get money back
1 -- you'll probably get money back
2 -- you won't get money back
Of course, you'll get a higher paycheck with "2" as opposed to "0". Depending on what you're looking for, and how much you're making currently -- I've seen people put "100" in the total field (like they have 99 kids), just so that it affects what's taken out of their check. And this is all okay with the IRS.
So, it's up to you. Do you want more money now, or a nice check at tax time? It's all up to you.
2006-07-24 22:24:44 · answer #1 · answered by Zabela 4 · 0⤊ 0⤋
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RE:
W-4 Form questions for someone who just doesn't get it, I need an answer today!?
Hey everyone, I need an answer in just a few hours before I have to go to work and turn in my W-4 forms. I don't really know the justs of it, but from what I can tell, I have 2 options, I can either A. Get alot of money each month but a much smaller tax return at the end of tax season, or B....
2015-08-13 08:06:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you don't have a family the best thing to do would be to claim "1". Under the section on total allowances. This way you will have slightly more taken out each check but when tax time comes around not only will you owe nothing but you will get a check back from the IRS.
It isn't going to make a large difference if you are making under $50,000.00
The changes will very small so don't worry about it. Plus you can always change it by filing another W4.
If you still have question let me know and I will answer them for you.
2006-07-24 22:17:15 · answer #3 · answered by Jon H 5 · 1⤊ 0⤋
Follow the instructions on the W-4 Form itself. It explains things rather clearly!
If you are single and only hold one job, the most you can claim is 2 total withholding exemptions. That will result in a small refund at the end of the year when you settle up with Uncle Sam and your State Tax Dept.
If you claim 1 or 0 you will get a larger refund, but smaller paychecks during the year.
Personally I hate making interest free loans to the government so I have them withhold enough to cover my liability and nothing more. I'd much rather have the money on payday and invest it than loan it to the government and get nothing from them in return for doing so.
2006-07-25 02:40:22 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
ok good question... you will claim yourself regardless- so you will enter that one anyway... now here's the ? do you NEED the extra money now? Or can you have more taken out now and get a refund later. You can claim up to 9 exemption.... no matter if you have dependants or not, but you run risk of owing at tax time- you can place any number in this area. If you are making mad money in sales or commissions, then exempt yourself- if you are making less than 30k it really doesn't matter.
2006-07-24 22:16:00 · answer #5 · answered by ncantongirl 2 · 0⤊ 0⤋
The worksheet is a guide. The only number that counts is the final number of exemptions claimed. For now claiming 1 is probably good. You can change it any time by filling out a new W-4. I prefer the work out a full 1040 with expected income and deductions. Then I know about how much my actual taxes will be. Divide that number by the number of paydays in a year. Finally, use withholding tables to determine the number of exemptions that comes closest to matching this number.
2006-07-25 12:18:46 · answer #6 · answered by STEVEN F 7 · 0⤊ 0⤋
You've gotten good answers.
Simply put, the higher the number of exemptions that you claim, the less tax that is withheld from your pay. Assuming your a single taxpayer with no dependents, you can claim either 1 exemption or 0 exemptions.
0 will have your employer withholding more tax per pay period and a larger tax refund.
1 exemption will give you more take home pay and less tax refund.
Good luck
2006-07-25 01:43:45 · answer #7 · answered by Adios 5 · 0⤊ 0⤋
I did not see a question that was removed. People are entitled to ask unusual questions, so unless it was seriously obscene, I don;t know who would make an effort to have it removed. I looked up Matthew 3:16, 17 and I don't get any connection to the trinity, Are you saying that because three are mentioned in the same verse, that proves they are the same and that is the trinity? Well, Abraham, Isaac, and Jacob are mentioned in one verse - in Luke 20:37 - but they are not the same. The verse clearly shows distinctions between God, Jesus, and the holy spirit.
2016-03-20 18:44:35 · answer #8 · answered by Anonymous · 0⤊ 0⤋
W4 Questions
2016-10-21 09:58:00 · answer #9 · answered by cyree 4 · 0⤊ 0⤋
Claim 1. By getting more money taken out you are giving the US governmetn an interest free loan to use your money for the year. It is ALWAYS best to get a smaller refund at tax time than a large one.
2006-07-25 03:46:26 · answer #10 · answered by extra_37 4 · 0⤊ 0⤋