another W4 question?

Question

again, my husband screwed up on last years W4 form. I am changing it now so we hopefully will break even and not owe anything. I am checking the box for married but withhold at a higher single rate. If I chose 5 allowances, does that mean they are going to keep even more money from his weekly checks? Please explain this to me!!!

Answer 1

I don't know what your bills are like or how much you make but I personally have 2 children and a wife. I claim single with 1 dependant and have an additional $5 taken out a week. But I also make 65K + and have many write offs, My wife also works and at the end of the year we get back approx 12K

Answer 2

The lower the number of allowances on a
W-4, the more they withhold. So if you show 5, then they will withhold a lot less than if you show zero. Don't claim more allowances than you are entitled to. Use the worksheets that come with the form.

Edit: Just saw your previous question, saying he'd claimed 3 last year. If that was too many so you ended up owing, claiming 5 now, even with the "withhold at single rate" box checked, will probably get you in even more trouble!

Answer 3

The FEWER the withholding allowance that you claim, the MORE money will be withheld from your pay.

Go here for some handy payckeck estimators: http://www.paycheckcity.com You can "slice & dice" the numbers to get a good idea of how much will be withheld.

Answer 4

The more allowances you claim, the less tax is withheld. If you want them to withhold more tax, claim LESS allowances, not more.