What should I claim to get enough taxes taken out of my pay?

Question

I am a single mom and will be starting a job soon. Is there a site I can go that will show what taxes will be taken out according to my gross pay and how much I claim?

My new job will be $13.00/ hr @ 24 hours a week. This will be for the last 6 months of 2007. I have a 13 yo at home. I am asking if anyone knows what I should claim, S1 or S0. I always claim head of household when I file.

My new job will be $13.00/ hr @ 24 hours a week. This will be for the last 6 months of 2007. I have a 13 yo at home. I am asking if anyone knows what I should claim, S1 or S0. I always claim head of household when I file. I live in New York State.

does anyone know what I might get back from New York State next year?

Answer 1

If you want to make sure that you get a refund at year end instead of owing, basically all you need to do is claim single 0. Then, after your first year in the new job if you end up feeling that you got too big of a refund, and want more take home pay each week/bi-weekly or however you get paid, you can check with your payroll dept and find out how much extra you will get with your paycheck by switching to single 1 and check and see how much that would reduce your refund by.

Answer 2

Depending on how many children you have, how old they are you will be eligible for the child tax credit as long as you are claiming them as dependents, and also, depending on your income, might receive an earned income credit, so you might be able to claim more than your actual number of exemptions that you'll have, and still not owe. If you'll post the number of kids, their ages, and your income, someone can probably give you a better idea of what you can safely claim.

EDIT: Hi Dawn - with your additional information - if that's your only income for the year, you won't owe any federal income tax for this year, so if anything is withheld, you'll get it refunded. Also, when you file, be sure to look into the earned income credit - you should be eligible for that and it's substantial. Even next year, if you make that same amount with the same number of hours all year, you wouldn't owe any tax by the time you take the child tax credit, you won't owe federal tax and should get EIC.

If you need the money now, claim S-2 - they'll take out less if they take anything, and you'll still get a refund at the end of the year because of EIC, plus if they do take anything out, you'll get that back too. If you claim S-0 or S-1, they might take out more - you'll get it back in the end, but not until 2008.

Answer 3

Is there a site I can go that will show what taxes will be taken out according to my gross pay and how much I claim?

So far NO ONE has attempted to answer this question. The answer is YES. The IRS page linked below in an on-line calculator designed to answer exactly the question you asked.

Edit: As Judy stated regarding you additional information. The income you list totals $8,112. That is less than the your standard deduction and 1 personal exemption for ANY filing status. You probably won't owe any Federal income tax.

Answer 4

This Site Might Help You.

RE:
What should I claim to get enough taxes taken out of my pay?
I am a single mom and will be starting a job soon. Is there a site I can go that will show what taxes will be taken out according to my gross pay and how much I claim?

Answer 5

This is fun; I have done tax work for 36 years and like to keep my hand in in the off season. You will be making 8112 for 2007. You have a 13 year old you are claiming (assumption) and are head of household. You will have no federal income tax owed whatsoever. Fill out your W-4 with the above information; the top part; you can put down at least 3. You will most likely have no federal income tax withheld. You will be entitled to right at $ 2,747.00 in earned income credit; which you can have paid to you with your paychecks by filling out and submitting a form W-5 (Earned income advance payment). If you have any specific questions or need clarification on any items feel free to contact me with same. I've done tax returns for 36 years and find it a great deal of fun.

Answer 6

I have found through the years that if I claim all of the deductions to which I am entitled on the withholding form, I wind up owing taxes, so I always claim zero. Your circumstances may be different, though.

It's not hard to estimate your taxes, though, and if you call the IRS, they'll be happy to help you figure the whole thing out. Or you could go to www.irs.gov for more information.

Answer 7

There is a great withholding calculator on www.irs.gov I suggest you use it to figure out your federal taxes. As for your state go to their website.
No one can tell you what you would get back for the state of NY for the next year because your governor (and the voters of the state) have the ability to increase taxes in the year for school districts, police and fire and so on. So don't forget to vote in those elections.