I am still legally married but live by myself and my kid. I make about $2400 a month before taxes and the gov keeps about $400 each month. I currently have "single" and 4 allowances on my paycheck. Anyone know how much or what status I can claim to keep the most possible each month? I don't want to end up owing money in April! Thanks everyone :)
2006-09-14 13:22:11 · 7 answers · asked by ebaskys 3 in Business & Finance ➔ Taxes ➔ United States
The IRS has an on-line calculator to answer questions like yours. Use the link below. BTW claiming 'single' results in the highest withholding for a given number of exemptions.
2006-09-14 14:32:48 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
The "status" you claim on you W-4 form (which determines how much your employer will take out as withholding) does not necessarily mean that is the status you will file as when you file your tax return at the end of the year. From what you have indicated you "may" be able to file a HOH (Head of Household) and claim you child as a dependent. A person that has not lived with their spouse from June 30 Thru Dec. 31 normal can declare them self single for tax purposes. If you meet all of the other requirements for HOH that would put you in the best tax position and should allow you to increase your allowances. You should go find the office of a tax professional and sit down with them and explain your circumstances. This time of the year most will give you advice without charging you as they want you to return at tax time. A quick calculation based on the limited information that you provided would put you monthly withholding at less than $150 but you still should sit down with someone and get a better estimate.
2006-09-15 05:47:02 · answer #2 · answered by ? 6 · 0⤊ 0⤋
That is interesting. I thought most government workers (union) were Democrats. By the way before the recession, well before where did all of the tax revenue come from? Why didn't government spending such as the "stimuus package" create more jobs if the government does such a good job of creating private sector jjobs? After nearly a trillion dollars or a little more than $72,000.00/employed person in the U S we still have nearly 10% unemployment. If they handed the money out many people would be better off but it went to cronies who supported Obama's election. If it worked why 9.8% unemployment? That is why democrats want to raise taxes. They have to pay for the stimulus money they gave to cronies.
2016-03-27 01:44:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
According to the IRS withholding calculator, for a single person who qualifies for Head of Household with only one job and a child as dependent, you have the correct status and number of allowances on your paycheck: single and 4.
You still may receive a good refund because of the credits you are entitled to, and don't forget to claim the credit for your dependent care expenses (in case you have them).
2006-09-15 06:34:36 · answer #4 · answered by NANA 3 · 0⤊ 0⤋
You gross $28,800.
Standard deduction for you is $5150.
2 exemptions $6600.
Net of $17,050 if I didn't miss anything.
Tax is $755 plus 15% of $9500 (this is the amount over $7550, where 10$ bracket ends) or $1425, total of $2180.
They should withhold $200/mo, no more. This is for federal tax only. $2400/mo 4 allowances show a withholding of $134/mo, federal. You should only be claiming 2. Is the $400 the total tax? FICA, State. Federal?
JOE
2006-09-14 15:38:22 · answer #5 · answered by joetaxpayer 2 · 0⤊ 1⤋
If your husband has been out of the house for at least 6months and has no intention of coming back you can claim head of househols, on your w4 and on your taxes this year. Just keep track of the days your child is with you, this will matter when it is time to claim your child as a dep. if you have them more day you claim, if not then he does. Good Luck
2006-09-15 08:05:36 · answer #6 · answered by Mommy to Be 2 · 0⤊ 0⤋
Pay in more every week its good and worth itanother 25 a week.
2006-09-14 13:24:26 · answer #7 · answered by pirateron 5 · 0⤊ 0⤋