W4 Question: how many allowances should I claim?

Question

Just started a new job and I'm wondering how to fill out the W4 form for NJ, I'm married with 4 kids and a father dependent, wife works 1 job like I do, and we both total $120,000/yr , how many allowances should I write down on the form to avoid having too much tax taken out of my paycheck, I also dont want to pay taxes at the end of the year, I appreciate all your help.

Answer 1

There is a table on the back of the W4 that can help you. It will probably be 7.

If you look at the W4
A - 1
B - 0
C - 1
D - 5

This may need to be adjusted if there is other income.

Answer 2

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First of all, do NOT put 11 allowances on your W-4. That is way too many to claim for someone in your situation. There are also very few instances where someone in your situation should claim 0 allowances on their W-4. It's simply not necessary to have that much federal income tax withheld each pay period. I would suggest claiming 1 allowance as this will pretty much guarantee you a tax refund. You could probably get by with 2 allowances, but I'm being conservative with your withholding estimation. You don't need to give the W-4 worksheet to your employer. Just give him/her the W-4 Form and enter "1" in box 5 and you're all set. Good luck and congratulations on your first job!

Answer 3

W-4 Form Nj

Answer 4

W4 Form Nj

Answer 5

Sounds OK, and they'll take out about the total that you'll owe. You might want to go with 10 instead to be sure not to owe when you file. Don't worry about the lettered worksheet in your situation. Just put the number on line 5.

Answer 6

Barkley Hound's answer is good. 7 would be my guess as well. I recommend using the withholding calculator on the IRS website. Unless they have updated it recently, it is designed for 2006. You may need to re-examine your allowances in January.