On our tax info at our jobs, my husband claims one for federal and I also claim one for federal. I only work part time so I was recently advised that we should change him to claiming 2 and me claiming 0 because he makes more than I do. Each week they take $250 out of his check in taxes alone, $130 of it is federal taxes... if we do this, how much less do you think on average would be taken out? I realize by me claiming 0 a little more will be coming out of mine but I think it will help w/ his because we get a very large refund check each year and I'd rather have more money throughout the year...
2007-11-13 07:02:10 · 5 answers · asked by bigdude07 1 in Business & Finance ➔ Taxes ➔ United States
Dinky is correct, you can also go to www.paycheckcity.com and have the site calculate what your W-4 should have on it. (They do recommend however what you have already been told) Your HR/Payroll department really can't advise you on how to fill out your W-4 as they are not tax advisors and do not know (and should not know) your whole situation. (ie: interest on mortgage)
Please do NOT listen to Rob, although you can have an ADDITIONAL amount taken for taxes, you can NOT have a flat dollar amount taken, your payroll department should kick back any W-4 that shows a dollar amount only as this is completed incorrectly.
2007-11-13 09:11:48 · answer #1 · answered by Mom of 2 4 · 0⤊ 0⤋
It won't make a lot of difference, maybe $10 a week. If you are getting a large refund, work through the worksheets for the W-4 - you can claim additional allowances on his W-4 to cut back on the refund and get the money through the year instead.
2007-11-13 14:15:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
volume of taxes taken out is controlled by using your W-4. your employer is (must be) following your guidelines. on the grounds that 0 did no longer do it, ask for further withholding. Paying into the 401ks is a ought to at your earnings levels. boost your contributions because it reduces your taxable earnings., besides as gaining you employer matching money. do no longer take any money out of your retirement money previously fifty 9 a million/2 as there are severe tax outcomes. with out residence/townhome/domicile you regularly do no longer qualify for itemizing, so are caught with only the time-honored deduction. Can meet with tax professional to pass over this year's return and to perform a little tax making plans for next year.
2016-10-02 07:03:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Don't drive yourself crazy. Figure out how much tax you will owe at the end of the year, and instead of messing with allowances (exemptions) just state to your employer how many dollars to take out of each check. The W-4 gives you this choice.
2007-11-13 07:11:25 · answer #4 · answered by rob b 3 · 0⤊ 1⤋
don't listen to the chuckleheads on this website (myself included) when it comes to taxes, check out:
www.irs.gov
and look at the "federal tax tables". You can see how much you are supposed to pay based on how you file and your income range, then you can decide what to withhold. You can also work with your HR people at his job and yours, if applicable, as they should be able to give you more situation specific information.
2007-11-13 07:09:13 · answer #5 · answered by dinky eagle 2 · 0⤊ 1⤋