I am single male and about to start a new job at $36,000 a year I am really confused as to what I should claim on my w-4's, since I have never before made this amount of money. Any help or adive would be greatly appreciated!
2007-09-14 10:00:13 · 5 answers · asked by commet101 1 in Business & Finance ➔ Taxes ➔ United States
You should be able to claim 1 and still get a refund at the end of the year. However, situations that can affect your decision:
Have a mortgage - add another deduction.
Have a side job on a 1099 - subtract a deduction.
2007-09-14 10:13:25 · answer #1 · answered by Apathy 2 · 0⤊ 0⤋
For this year, go ahead and claim Single with no exemptions. However, for 2008, you should be able to claim one exemption for every $3500 in planned deductions. Assuming that you don't/can't itemize in 2008, if you claim 2 exemptions, you should get a small refund, if you claim 3 exemptions, you should owe a small amount of money.
Refer to the link below for more information. Start at page 35. This is for 2007. The 2008 version will be published in January 2008.
2007-09-16 11:17:57 · answer #2 · answered by Steve 6 · 0⤊ 0⤋
I recommend single, zero. It's near the end of the year & if you find you get alot back you can adjust it at the beginning of next year.
I am guessing you worked prior to this job, but didn't make this much $$. That being the case, when you add the two incomes together the lower paying job may have been underwithheld. Also,single zero will cover you in case you have any untaxed income (interest, dividends, rental income, etc.), or allow you to get a refund.
2007-09-14 19:19:09 · answer #3 · answered by Dee 4 · 0⤊ 0⤋
If that's your only job, single/1 allowance should be safe - you should about break even on taxes at the end of the year.
2007-09-14 18:07:49 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
If you like to get a refund or be on the safe side, fewer is better (i.e zero). If you want to break even, claim 1.
2007-09-14 21:21:43 · answer #5 · answered by Larah 3 · 0⤊ 0⤋