It ism y first job and I did not know how to fill out a W4 and Now im just scared that i will have to pay them back? or not get anything back. Im worried Please help!
2007-09-06 02:49:21 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
www.paycheckcity.com is a paycheck calculator website that can help you figure out what you should be claiming for W-4, and what you should be having withheld for paycheck. Without know how much you are making, marital status, any other dependents, itemizing versus standard deduction, etc, I can't really tell you if you will owe or get a refund.
2007-09-06 03:05:40 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Need more info to really answer this. If you are single and not a dependent, you probably won't get much if anything back, but shouldn't owe much either although it will depend on your income. If you are single and are a dependent, if your total income for the year is under $5750 you'll still be OK and will get whatever was withheld for federal income tax back as a refund. If you are a dependent but made more than that, you will very possibly owe some tax at the end of the year.
If you'll post again here giving your total expected income for the year, and whether or not you are married and whether or not you are a dependent, you can get a better answer. If you have your YTD withholdings, that would help also - should probably be on your last pay stub.
2007-09-06 11:28:07 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The other answer was right, without knowing income, deductions, etc. you can't answer this. However since it is your first job, I would suspect that your salary isn't that high and making the change from 2 to 0 will fix it. If you started at the first of the year, it will almost even to 1 and if you claimed single then you should be fine. One thing to remember is that you don't want to get money back. If you get money back it means you overpaid and the government held your money tax free for an average of 7 to 8 months. You should strive to end up with no income tax refund.
2007-09-06 10:36:28 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you are worried, you can take your latest pay stub, and other income information, to a tax pro who can project your refund or balance due. If you are unhappy with the projected result, you can go back to your payroll department and have extra money taken out, or have less money taken out by adding allowances to your W-4.
You still have several paychecks left in the year, so you have time to make adjustments.
2007-09-06 12:37:49 · answer #4 · answered by ninasgramma 7 · 0⤊ 0⤋