do you get more or less taxes cut out if you have one allowance?

Question

do you get more or less taxes cut out or your paycheck if you have one allowance as apposed to zero?

do you get more or less back at the end of the year?

i had put one down for myself?

Answer 1

the more allowances claimed on your W-4, the more money you get in your paycheck. But, the more money you get in your paycheck, the less money that is withheld, which means the less you get back at the end of the year. You just want to make sure that you don't have so little withheld that you owe at the end of the year. I have attached a link to a paycheck calculator website, www.paycheckcity.com, to help you calculate what you should be claiming on W-4.

Answer 2

The higher the allowances the more you get each paycheck and the less you get at the end of the year. If you wanted more at the end of the year, you could claim 0 and more will come out of your check each time. Your ideal situation is to come out even (so you are not giving the government an interest free loan).

Here is a tax calculator from the IRS website:

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Answer 3

If you put down 1 allowance, you'd have less taken out that if you put 0. Whatever amount more you get in your paychecks, you'd get that much less back in a refund. The total comes out the same either way, it's just when you get the money that changes - in your paychecks, or in your refund.