I want to claim myself and have 1 allowence on my taxes. I would rather have less taxes taken out and get less back at the end of the year. Am i going to end up oweing anything?
2007-03-09 07:14:54 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Use the withholding calculator on the IRS website below. It *should* give you a good estimate of how many exemptions to claim & not end up owing a bunch or getting a huge refund.
Also, ignore anyone who tells you that a refund is a good thing. It just means they suck at math.
2007-03-09 07:18:11 · answer #1 · answered by Tom's Mom 4 · 1⤊ 0⤋
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2007-03-09 15:36:45 · answer #2 · answered by David F 1 · 0⤊ 0⤋
Possibly , withholding varies widely per accounting company doing the work.
If your income / deductions are fairly steady then
You should know what your normal taxes are based on last years return.
The very disciplined people have next to nothing withheld , put the amount they know they will owe in savings and earn some extra $$$$ in % until April 15th.
Those with spending problems should NOT attempt this as an inability to pay on April 15th would have very ugly consequences.
2007-03-09 15:26:00 · answer #3 · answered by kate 7 · 0⤊ 0⤋
You will probably break even or owe a couple of dollars. I usually do that so I don't have to end up owing the IRS. Talk with you human resouce manager, and they can tell you more about this.
2007-03-09 15:25:40 · answer #4 · answered by ? 5 · 0⤊ 0⤋
Since you don't have itemized deductions, 2 allowance is safe and is tottally better than 1. This assumes you don't have alot of interest income, gains, ect. 3 is pretty aggressive in your situation.
2007-03-09 16:24:17 · answer #5 · answered by Michael 1 · 0⤊ 0⤋
no, you should be ok. Unless you have un-taxed income from another source
2007-03-09 15:19:02 · answer #6 · answered by Water weasels 2 · 2⤊ 0⤋
Damn your question started out well then went right down the tubes have no idea thanks
2007-03-09 15:19:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋