I've always claimed single zero and yes, the IRS taxed the crap out of my paycheck but always managed to receive a healthy refund at the end of the year, however, early this year i got married and my wife does not work, i wonder if there is a way i can increase my take home and still receive a not so healthy refund? it beats oweing the IRS.
2006-10-18 17:06:30 · 5 answers · asked by ARIEL P 1 in Business & Finance ➔ Taxes ➔ United States
You should change your withholding allowance from 0 to 2 so that you could get more money per paycheck but less refund. Rather than lending IRS the money interest free, you get to use your own money or put in a bank to earn interest.
To change your witholding allowance, fill out a W-4 (http://www.irs.gov/pub/irs-pdf/fw4.pdf) and submit it to your HR or payroll department.
To see how tax withholding is calculated, go to http://www.irs.gov/pub/irs-pdf/n1036.pdf
Best wishes.
2006-10-18 20:58:51 · answer #1 · answered by JQT 6 · 1⤊ 0⤋
no way to increase your take home pay but if you ask to have more taxes taken out like 10 - 20 dollars a week you will get it all back at the end or the year.
2006-10-18 17:16:10 · answer #2 · answered by c0mplicated_s0ul 5 · 0⤊ 1⤋
It's a kind of "robbing Peter to pay Paul" game; you really just have a choice of more money NOW or more money LATER!
2006-10-18 18:19:08 · answer #3 · answered by backinbowl 6 · 0⤊ 0⤋
Go to your employer's human resource dept. and request a W-4 to adjust your exemptions accordingly.
2006-10-18 17:17:41 · answer #4 · answered by DarkHardwoood 3 · 0⤊ 0⤋
buy a house, have a baby...lol
2006-10-18 17:08:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋