My job pays $6.75/hour, at the beginnning, when I filled out the W4, I believe I put "1" down for exemptions. Most checks (when I work 80 hours), I get waxed for $100.00, this isn't working, what do I need to put down on the W-4 so I get more on my paycheck? No guesses or BS please, got no time for ya, but you'll get the 'threatening' email from yahoo!
2007-02-07 09:42:59 · 5 answers · asked by Keyser S 2 in Business & Finance ➔ Taxes ➔ United States
Any time you increase the number of allowances claimed, your paycheck will be larger. This does not change your tax liability. Bigger checks = smaller refund or more due to the IRS. The best way to decide what to claim on the W-4 is the whithholding calculator on the IRS website.
2007-02-07 11:13:39 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
At $6.75 per hour working 80 hrs you have a gross pay of $540 and according to the Circular E (tax guide) 1 dependent single paid Bi-weekly is $33. If you are working 80 hrs per week and paid per week the deduction is $67. Remember you pay 7.625% in FICA/MC each paycheck also $39.23 which you MUST pay there isn't anything you can do about it. In figuring this out I'd say (guess) you are working 80 hrs/wk with deductions of $67 + $39.23 = $106.23 from you check. Nothing you can do UNLESS you can prove on the W-4 that you DID NOT owe taxes in 2006.
2007-02-07 17:51:37 · answer #2 · answered by wineduchess 6 · 1⤊ 1⤋
You can claim one more withholding exemption if you have only one job.
This will just about zero you out at tax time. You might get a small refund or have a small balance to pay.
If you claim more than 2 on your W4 you'll most likely have a debt to the IRS, possibly with penalties for under-withholding.
2007-02-07 18:10:07 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
If you are single, no dependents, no other sources of income, and no deductions (so you are claiming standard deduction), you can file Single, 2 allowances on your W-4. Also, depending on how much you earn for the year, you can possibly qualify for the earned income credit as well. If you do qualify, you can apply for the advanced earned income credit, which allows you to receive the EIC in each paycheck, rather than wait until the end of the year and claim it on your return.
2007-02-07 17:49:30 · answer #4 · answered by jseah114 6 · 0⤊ 1⤋
For someone making only $6.75 an hour, you have a lot of attitude. Do you really want help or do you want to be obnoxious. I have accounting credentials but I am not going to help you because of your attitude. So go ahead and send threatening email, answering questions is voluntary. It is not life or death.
2007-02-07 17:49:46 · answer #5 · answered by Notorious 4 · 7⤊ 3⤋