I just been given a job offer, after nearly 2 years of not working. I will be making 18/hr. Due to this being mid November of a year what deductions can I make to give my money the most. Like claim 17 dependents for remainder of year and then lessen it to the correct amount in Jan. I know I can claim exempt status. Any other suggestions?
Please only those that are FAMILIAR with Human Resources/Salary please answer. Thank you!
2007-11-09 10:38:04 · 7 answers · asked by wisconsheepgirl 2 in Business & Finance ➔ Taxes ➔ United States
As long as you have no other source of taxable income, like unemployment or a spouse's earnings, go ahead and start with this plan since you expect to have no taxable income for 2007. Otherwise, don't do it.
When you fill out your corrected W-4, you can claim one exemption for every $3500 (not sure of the exact number yet, when the 2008 version of Publication 15 gets published in January 2008 then I will be certain) in planned deductions. For example, if you are single and don't itemize, you will have $8750 in deductions for 2008 (until the new numbers are published). That translates into 2.5 exemptions that you can claim on your W-4. Since you can't claim the half-exemption, you will either need to report 2 (small refund) or 3 (owe at the end of the year) exemptions.
2007-11-10 00:00:34 · answer #1 · answered by Steve 6 · 0⤊ 0⤋
you have given little information on which to base an answer, so I will make some assumptions:
1. You are not a dependent of anyone else.
2. You are not married
3. You had no tax liability last year.
4. This job will be your only income for the whole of 2007.
If so, you could claim exempt on the grounds that your wages (about $4,320 based on 6 weeks and 40 hours pw). However, if you have received unemployment benefit (or any other income come to that) you will have to take that into account in calculating your withholding allowances.
If you want to get a reasonably close figure, go to the link below. Even if you do not itemize, fill in the Deductions and Adjustments worksheet, starting at line 5 with zero.
2007-11-09 18:48:04 · answer #2 · answered by skip 6 · 0⤊ 0⤋
If you claim exempt status, then it doesn't matter if you claim allowances or not - exempt says they don't take out anything for income taxes. Be sure you change it for the beginning of the year.
Congrats on landing a job, and one paying decently - good luck, I hope it works out well for you.
2007-11-09 21:46:58 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
since ur not allowed to claim so many dependents unless u actually have them i would say claim as many as you can OR file exempt then change it in Jan. thats about the only legal things you can do
2007-11-09 18:42:26 · answer #4 · answered by Lorraine 2 · 0⤊ 0⤋
claim zero then at the end when you do taxes claim one
2007-11-09 19:51:34 · answer #5 · answered by bob P 3 · 0⤊ 0⤋
ALL I CAN TELL YOU ,IS THEY TAKE 25% TO WORK,AND10% TO SPEND THE REST OF WHATS LEFT
2007-11-09 18:42:59 · answer #6 · answered by THE"IS" 6 · 0⤊ 1⤋
fhwehwht
2007-11-09 18:40:13 · answer #7 · answered by ✿QT✿ 3 · 0⤊ 2⤋