Does anyone know how to fill out a W-4 form so that i dont get too much tax withheld from each check?

Question

I'm single, have no dependants, and do not ake very much money each year. I'm starting a second job and i don't want too much tax withheld from either job but i don't know what to put on the form. A 1 or a 0 or what. does anyone know what i should do?

Answer 1

I'm single as well but I always put zero. That way when it's tax time I get some money back. I usually end up owing if I put 1. They take a little more out now but the return makes it all worth while.
Have a great day!!!

Answer 2

Reporting ZERO dependents will most likely get you a refund check at the end of the tax year, but at the expense of taking more $$$ out of your paycheck up-front. 1-2 dependents is probably the right mix if your are filing SINGLE and stay within a standard 1040A or 1040EZ form. The IRS has a toll-free answer line as well as a good FAQ on their web that answers this in more detail. If this is the first year you've filed a W-4, you probably don't want to claim more than ONE simply because you have no historical basis for your taxes and you don't want to have to pay at the end of the year. HOWEVER, if your total income for the year will be less than the IRS minimums (I think $15K - but don't quote me) then you could take the maximum dependents as you won't owe tax at year-end anyway...

Good Luck!

Answer 3

I don't know what you mean by not much money but I can guess. Try and figure out what the total amount of money is that you will make in the year of 2006. If you are single and take the standard deduction of $ 5,100.00 and one exemption of $ 3,250.00; then you have a total of $ 8,350.00 that is not taxable. Following is example: If you will make $ 12,000.00 for the entire year and subtract $ 8,350.00 you will have a taxable income of $ 3,650.00. First 10,000 is taxed at 10% so your tax would be $ 365.00. Check your YTD (year to date) info and see how much federal income tax has been withheld so far. If it excedes the amount of your expected federal tax than you can set your withholding rate so you have nothing further withheld. If you want to bounce exact numbers off me I will answer to the penny what you should do. Good luck.

Answer 4

you need to go to your primary employer to make the change.if you do this you will end up paying taxes at the end of the year.single no children your in the high end income bracket.you need to buy a small home.tax laws have changed drastically over the past 10 years and if you pay in more taxes with each weekly or bi-weekly check the better off you will be when you file your taxes but if you have even less taken out the more likely you are of having to pay more income taxes at the years end.i wasnt kidding about purchasing a home either. you can increase your tax refund by having a mortgage. all that interest you pay from the 1st year to the 12th will help you avoid paying extra taxes if you do decide to decrese the taxes taken out each payday.that second job should be the job you have less taxes taken out of your pay.your first job i assume is the one that you make the most money so why change it?

Answer 5

If you want very little witheld on you weekly pay, claim single with 9 dependants. Very little will be withheld (this is not illegal). However, at tax time, you will most likely owe money. Another thing you could do is determine what you tax liability is, divide that by 52 weekly paycheck in one year, and save that amount on your own. This is allow you to keep the money in the bank all year, earn interest, and still be able to pay the taxes you owe.

Answer 6

First, study the sites where you can learn about the fraud called the IRS. 2nd, learn about exempt status. (I beat the IRS in their court, playing by their rules, plus the Supreme Court, and our Constitution. Get educated.)

If you don't want to learn all that above (or are too scared to learn your fights and fight for them), picture this: Make the IRS an interest-free loan from your remunerations - the proper legal term you should be using instead of wages. Now, pay me every week or two (depending on how you receive it), and make that lawful(?) sacrifice(!) out of the alleged goodness of your heart. (Don't forget, I'm keeping your money.) 20-25% will be a nice start, a nice measure of your sacrifice. HAHAHAHAHAHA!

Now at the end of your calendar year, I want you to fill out this IRS-1040 form (which doesn't legally apply to your situation) and estimate how much of what you gave me that you are going to beg I return to you. Remember, I'm merciless. I will make you fear hearing from me, make you regret disagreeing with me, and if you persist, I may invade your home with unlawful search (& seizure) warrants.

I (the IRS) sure like this plan. I take a significant chunk of your money - and don't forget I help the US Treasury by devaluing it - and I allow you the opportunity to placate yourself before me (IRS) where I laugh & tell you how unfairly you have tried to cheat your government out of monies destined to help those less fortunate (while forcing you down that same well of lost hope).

Footnote: if you claim more than 9 withholding allowances, I will write a letter to your employer, instructing them - without any Court order, or lawful judgement against you - to change your W-4 to Zero (0) exemptions, maximum withholdings. HAHAHAHAHA!

Thank you (f*** you!): The IRS

Answer 7

You want to claim 0 on both jobs..They will take more out, but you will get it back when you file your income tax. You don't want to owe the govt. anything when you file. It is better to go without now and then get it returned to you than have to come up with cash to pay the IRS in April.

Answer 8

The only way to really reduce your check amount is select the designation of the amount of withdrawal (i.e 10%, 18%, 20% etc.) as well as state taxes. dependents are really the only way to reduce your tax deductions/check, however, you will have to pay that back at in April (or sometime around there)

Answer 9

the lower dependants you claim, the more they take out. Claim 1 or 2 if you dont want much taken out but then you will owe come tax time. I would claim 0. they take the most out but atleast you get a nice check in Jan.

Answer 10

Claim zero and they take out more on your check. Claim yourself and they take out less.
At the end of the year as a single pertson claiming zero you will get more back, but if you calim yourslef which everybody mostly does they will take less out and at the end of the year you will get hardly nothing back from Federal, but probaly do better on your state.