INCOME TAX question: I havent worked all year but im about to start in the next week or two? What do I put on?

Question

that W-2 form when you get hired where they will take alot out of my check so I can pick it up at the end of the year? Is it the higher the number the less they take out and the lower the number the more they take out or what? It always confuses me. Im single and im gonna file head of household and I have two dependents (my son-3)(my daughter -1month) so what i need to put to get the most income tax back with the earned income credit???

Answer 1

The higher the number of allowances you put on your W-4 (not W-2), the less they'll take out. If you put a higher number now, they'll take out less - if you put a lower number, they'll take out more but you'd get the extra that they take out back in your refund. It doesn't change the amount that you get total, just when you get it, either in your paycheck or in your refund.

You have three exemptions, and depending on what you are going to make, can take up to another four because of the child tax credit for your two children, so could put up to 7 on your W-4 without worrying about having to pay anything. Actually, with EIC, you could probably put even more. If you want a bigger refund, put a lower number, but that will just mean that you get less in each paycheck.

Your EIC won't be affected by your W-4 - it's based on your status as head of household, your two children, and the amount of money you make.

Answer 2

If you had no other income, I would put 3 or more which will mean less tax withheld. If you received unemployment, I would put 3 or less. If you don't understand what I am going to tell you (and most people who don't prepare taxes wouldn't) then just put down 3.

If you want to be exact, estimate the amount of salary you are going to make this year, compute the tax, divide by the number of pay periods left in the year then get a copy of circular e and find how many you should claim

Answer 3

Well I think you mean your W4 which determines the taxes that they take out on you. Since you are only going to work less than half the year and have those deductions you can probably get by with a much higher withholding. You can look it up and see where you should be based on your income and potential deductions on the form. However that is for a full year so take that into account.

Answer 4

If you want them to withold the most so that you will get less money in each check throughout the year, but more back at the end, then put "0" in the place where they ask for the number of deductions you want to take now. If you put down "3," for yourself, and each of your two kids, then you would get more in each check but get less back back at the end of the year or possibly pay, depending on how much you earn.

Answer 5

You did not gets a commission for the time you probably did not paintings, so which you do not pay tax on the income which you in no way gained. in case you % to view that as a "loss" then choose for it, in spite of the shown fact that it is the only one which you are going to get.