I'm single, I have no children, rent an apartment and I will be starting a full time time job in Sept. I will be making 36,600 a year. I was told I can claim up to 2 allowances;however I do not want pay back taxes next spring. How do I determine if I would?
Thank you!!
2007-05-11 14:26:57 · 3 answers · asked by ? 4 in Business & Finance ➔ Taxes ➔ United States
You should claim one or zero. By the form, you
COULD claim 2, with a "1" on lines A and B, but you'd very likely ending up owing some when you file your taxes. Claiming one, you'd probably about break even. With zero, you'd likely pay in more than you need to, and get it refunded to you at tax time.
2007-05-11 16:53:05 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
As Mark S. said, you should come out just fine by using the formula supplied on IRS Form W-4. You are correct. Given single with no children (I'm in the same boat), you can claim 2 allowances.
The only time I've seen people wind up owing a bunch or getting a refund is when they receive one big check at the beginning of the month and then the second check in the month is much smaller.
So long as you are paid pretty much the same amount on a regular basis--weekly, every 2 weeks, twice a month, monthly, etc.--the IRS forms and tables work out just fine.
Just for fun, I'm including a link to the IRS Form W-4.
Hope this helps...
2007-05-11 23:26:55 · answer #2 · answered by T21Guy 2 · 1⤊ 0⤋
Follow the worksheet on the top of the W-4. This will tell you what to claim.
If you claim zero, you will have more taxes withheld. The amount withheld goes down with each allowance claimed.
2007-05-11 21:53:31 · answer #3 · answered by Mark S 5 · 2⤊ 0⤋