i am trying to figure out how many exemptions to claim on my w4?

Question

i just got my first check at work and they took out over 200.00 dollars, i think they took out too much how do i know, is there something i can look at that will help me to understand how this works? please send information that will help me.

Answer 1

For starters, Social Security will be withheld at 6.2% and Medicare at 1.45%, regardless of all other factors. We need to know your gross income and if you are married and have dependents to tell if $200 is a reasonable withholding amount. For instance, I am single with no dependents and there is well over $1000 withheld each month from my check. And I still owe when I file.

Answer 2

Simple, claim 1 exemption for every $3400 in total tax deductions that you plan on having this year. Use last years tax return as a guide. Don't forget about deductions that are taken out pre-tax.

Answer 3

Take the number of children you have plus your spouse and then add 2. That's just my way of doing it, its not official.

You have to pay taxes. Its just a question of whether you want the taxes taken out of each check, or to pay a lot in April when they are due. The more exemptions you claim, the less tax is taken out now.

Answer 4

If you give your total income, how often you're paid, and your filing status (are you single? married? a dependent of anyone? have any dependents) you'll get a better answer to your question.

Answer 5

claim one for yourself and one for every dependent.
what were your takes last year?
if you got a large refund, you are witholding too much.