W-4, For your taxes, should you claim 1 or 0?

Question

W-4, for your taxes, should you claim 1 or 0?

Answer 1

It depends on if you want more money on your paycheck. If you want the max taken out so that you can be sure you don't owe taxes at the end of the year, or maybe want a refund, then claim 0. If you want more on your weekly paycheck, then claim 1 and they won't take as much out. That's exactly what my daughter did but she is not living at home and is financially independent.

Here is a paycheck calculator link:
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

You can put 0 into the # of Federal Allowances space and then also put 1 to see the difference...it will calculate for you what your paycheck deductions will be. Then you can make a decision what is best for your situation.

Answer 2

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Simple fill out the W-4 as Single and 1 and then sign it and return it to your employer and the after the end of the tax year when you do receive your W-2 form if you have a $ amount in Box 2 $ FIT withheld you would correctly complete your 1040 federal income tax return and you might be able to qualify to get some are all of the $ amount of advance estimated tax payments back as a REFUND $ amount from the IRS in the year 2012 tax filing season. Hope that you find the above enclosed information useful. 08/17/2011

Answer 3

Determining the number of exemptions varies from person to person based on their financial situation. For most people, I think 1 is a safe bet. However, if you derive a good amount of income from sources that do not withhold federal tax for you (such as interest or dividend income) you may need to set that to zero to make sure you have enough money withheld.

What you want to do is get your withholdings set so that when tax season arrives the amount you owe or receive as a refund is as close to zero as possible. A big bill is a bad thing -- and a big refund just means you gave the feds an interest-free loan with your money.

Answer 4

What you claim on your W-4 depends on the amount of refund/owe when you file your tax return.

To come close to breaking even, claim 1 exemption for every $3400 in deductions that you plan on having.

Answer 5

If you are a dependent, claim zero. Otherwise, you can claim one to have less taken out of your paycheck each pay period - you should break about even at the end of the year. If you have a number of jobs at the same time, you might be better off claiming zero though, so enough will be deducted.

Answer 6

always claim 0

Answer 7

If you have multiple w-2s, always put 0. They start re-indexing.

Answer 8

There's a self-calculating W-4 at this site.

http://www.pdftax.com/

Answer 9

I claim zero.