I have to complete the W-4 for a new job. I am fairly sure I have never done this correctly. It is always Line H that I screw up on.
If I want the highest amount each week in my pay check and, therefore, a lesser amount of a return at tax time, do I want Line H to be SMALLER or LARGER???
I live in FL. Not sure that matters for this, but still...
Thanks!!!
2007-05-09 15:19:31 · 5 answers · asked by Florida w/ Questions 1 in Business & Finance ➔ Careers & Employment ➔ Other - Careers & Employment
the more exemptions you claim, the less tax will be taken out of your check. the fewer exemptions, more tax comes out.
keep in mind that if you don't have enough tax withheld from your check during the year, you may end up owing $$ when you pay your taxes. as long as you save your $$ during the year, this isn't a big deal (why let Uncle Sam use your $$ for free during the tax year?) just don't spend everything and then be stuck unable to pay your taxes.
if you aren't sure what you'll owe, there is a worksheet on the back of the W4 to help you figure it out, or you can visit a tax pro like H&R Block to get an estimate.
good luck.
2007-05-09 17:27:50 · answer #1 · answered by Mel 6 · 0⤊ 0⤋
If you are single you cannot claim more than ONE exemption. The idea in paying taxes is to break even at the end of the year. Take the one exemption and later on after you have worked there you can go to human resources/personnel and ask for advise if you think you should change the W4.
2007-05-12 18:36:57 · answer #2 · answered by banananose_89117 7 · 0⤊ 0⤋
This is simple. If you are single only list 1. If you have any kids list yourself (1) plus the number of kids. If you list anymore than one and you have no dependents but yourself trust me you are going to wind up owing at the end of the year. Even with just 1 you will still get a little more in your paycheck. And stay the heck away from H&R Block. They have a million legal claims against them. More than half of there offices aren't even registered.
2007-05-10 01:49:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Smart girl. You have figured out what is in your best interest.
Line H is just the sum of the other lines and you want it to be higher or larger. By the time you get to it, your fate is sealed.
The best thing to do is to lobby congress to pass the Fair Tax and then you will not have to worry about this anymore.
2007-05-09 15:38:34 · answer #4 · answered by Richard F 7 · 0⤊ 1⤋
Claim more dependents and you have less taken out of your check. Claim no dependents and they take a crap load out of your check and part of your soul.
2007-05-12 18:53:14 · answer #5 · answered by Love Poet 2 · 0⤊ 0⤋