W4 - tax form?

Question

I can't figure these things out. ... I'm single with no dependents. Shouldn't I be claiming zero? Why am I reporting 2?

There's nothing else to consider either... I'm just a single guy who owns nothing.

There's nothing else to consider either... I'm just a single guy who owns nothing and has one income.

Answer 1

I don't know, you tell me why you are reporting 2 on your W-4. If anything you should be reporting 1 (you can claim yourself!).

Answer 2

It makes no sense to claim 2 if you are single. If you read the W-4 it says to enter 1 for yourself, then one for everyone else you can claim as dependent. So at the very most, you should be at 1. But as it's been said, claim 0 and you will probably get a tax refund next year

Answer 3

The more you claim, the less you are taxed, and the more likely you will owe the government come April 15. Believe it or not, however, this is a good thing. You want to be paid each week/bi-weekly, or whatever, as much as possible up front. You then have to be wise with your money... Invest it! Then when it comes time to pay, the money you would have paid in taxes each week, was earning you money in an inestment. Of course those earnnings are taxed too, but you still come out ahead.

You could claim S00 on your W-4 (Single and zero dependents) and have the government tax the heck out of your check each week, and then get a return come April, but then you basically loaned your money to the government interest-free.

Answer 4

Unless you are still a dependent of your parents, you can claim one allowance for yourself. Then the way the withholding tables work, if you just have one job you can claim a second allowance.

When you file your return at the end of the year, you'll claim one exemption, for yourself. If you have claimed two allowances, you should come pretty close to breaking even. If you just claim one, then you'd likely get a refund - if you claim zero, you'd get a bigger refund. But remember, that would just be your money, the excess that was deducted from, your paychecks.

Answer 5

Take your regular gross pay and multiply it by the number of paydays in the year and do the same thing with tax withheld. Then complete Form 1040ES (as in estimate) to determine how close you are going to be at the end of the year. If you come up short, drop an allowance. If you're OK, leave it along. If you are short by less than $1,000 IRS will not get excited as long as you send a check with your return.

Answer 6

Claim 1 (yourself).
One withholding allowance equates to a reduction in taxable income of $3,400 a year ($65.38 weekly, 130.77 biweekly, 141.67 semimonthly, etc.)
Assume you get paid biweekly and claim one withholding allowance. If your gross pay is $695, your employer will calculate your withholding tax based on an income of $695-$130.77 or $564.23. He will withhold $54.98 federal tax in addition to the other withheld amounts (social security/medicare of $53.17, state income tax, health care, etc.)

Answer 7

I am sorry that I can't give you an answer about your question since I am not a resident in the U.S. but from an island in the Mediterranean Sea. We have different forms of taxpaying.

Answer 8

Get an accountant and save yourself the trouble. It's terribly difficult to figure those things out.

Answer 9

you get to claim a deduction for yourself, but if you make it 0, you will likely get a refund in april. You should definately not be claiming 2, you will likely owe money in April.