Or should I add allowances to my w-4 to account for the fact that I will only have worked 3 months of 2007
2007-08-24 06:26:10 · 6 answers · asked by Top 99% 3 in Business & Finance ➔ Taxes ➔ United States
The payroll dept for your employer should adjust for the fact that you will be working from only Sept 1 - Dec 31. I have attached a paycheck calculator website, www.paycheckcity.com, to help you determine if they are doing your withholding correctly for federal and state.
2007-08-24 06:37:14 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Each paycheck, taxes are deducted according to what you have on your W-4 and on the amount and frequency of the paycheck, calculated as if you made that same amount every paycheck all year. So if you only worked four months of the year, and fill out your W-4 according to the worksheets, you'll most likely end up with more deducted than you actually owe.
But the person who said that if you didn't work the rest of the year and were in school, your parents can very possibly claim you as a dependent has a good point. I'd just fill out the W-4 according to the worksheets, and if you overpay, you'll get the extra refunded, rather than trying to calculate the taxes for the partial year.
2007-08-24 15:02:18 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I wish I had the foggiest what Thomas K is talking about.
Just speak to the Payroll Department. If you had no other taxable income at all during the year, they may be able to suggest what you should do. The witholding guidelines are geared to an the annual method and payroll departments cannot make any changes in deductions unless you provide them with a W-4 signed by you indicating your exemptions.
2007-08-24 06:44:12 · answer #3 · answered by Notorious 4 · 0⤊ 0⤋
Withholding tables presume that you made the same amount every pay period all year. You could probably claim an extra allowance for the rest of this year and be just fine. Use Form 1040ES to estimate what you will owe for the year
2007-08-24 11:50:27 · answer #4 · answered by Anonymous · 1⤊ 0⤋
They will tax you like you were working all year.
You will be taxed on a scale vindicative of your salary. I don't see a need for you to add allowances. Your minimums start over again when you change jobs. Next year when you hit your minimums, they will tax you accordingly.
2007-08-24 06:36:03 · answer #5 · answered by Thomas K 3 · 0⤊ 0⤋
If you did not graduate or start work until September 1, then your parents may be able to claim you as a dependent, so do NOT take the allowance for "no one else can claim you as a dependent".
2007-08-24 11:48:34 · answer #6 · answered by StephenWeinstein 7 · 1⤊ 1⤋