How can you add more money on your payckeck using withholdings, without paying to many taxes and without owing at the end of the year. I want to come out even, having more money monthly without jack you sam holding my extra money. I do not want to owe. How can I do this? THANK YOU
2007-01-29 16:41:01 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
A very general rule of thumb, assuming that you do not itemize deductions and your only income is from wages subject to withholding.
1. Claim your correct marital status.
2. Claim one exemption for yourself.
3. Claim one for your spouse.
4. Claim one for each dependent.
5. If you are single and hold only one job, or if you are married and your spouse does not have any income, claim one additional exemption if your income is less than $30k if single or $50k if married.
This will just about zero you out at tax time. You might get a small refund or have a small tax bill to pay, generally less than $50 either way. If you're a little uneasy about any possible liability at tax time, dump the extra exemption in #5.
2007-01-29 22:21:14 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Go to employer ask for a W-9 and fill it out for the extra amount to be withheld. Want to break even so you don't owe or gov't doesn't owe you---ask for an estmated tax schedule and it will help you to figure correct withholding to have a tax refund/ payment on the IRS1040 of $zero+/-. Good Luck.
2007-01-30 00:51:28 · answer #2 · answered by mypalnow2 2 · 0⤊ 2⤋
use the IRS withholding calculator. it can tell you how not to owe at the end of the ear, but not pay too much.
http://www.irs.gov/individuals/article/0,,id=96196,00.html
2007-01-30 00:47:52 · answer #3 · answered by Jen 5 · 2⤊ 0⤋