What tax witholding should i use if i earn $100000/yr?

Question

i am single and owns a house
interest + house insurance is 32000, gAVE TO CHARITY A 190E MERCEDES 1992

Answer 1

Just get a W-4 from your employer and follow the instructions on the form.

You can print one from here:
http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3
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Answer 2

Are you an employee, or self-employed? If you're an employee and filled out your W-4 correctly, your employer will handle it. If you are self-employed, I'd figure 40% unless you are in a state with a high income tax, then maybe 45%. This might be a little high, but have that much available including your estimated payments and you should be pretty safe.

The charitable organization should give you a form saying what they sold the car for if they sold it, which is what is usually done with donated cars - that will be your deduction amount. If they kept it and used it, then I hope you got it appraised before you donated it, you can't just take blue book value.

Mortage interest and property taxes is deductible, house insurance is not. Must be an impressive house to be paying that kind of interest. The lender will send you a form showing your interest, and also your property taxes if they are paid through escrow.

Answer 3

Your withholdings you entered now on a W-4 will be based off of what you think your taxes will be next year. Unless you are going to donate another car next year, you do not want to take this into consideration for your W-4. You will merely use it as a deduction for your 2007 return.

I dont know what state you live in, but you can also write off your property taxes, if applicable.

My advise would be to follow the instructions carefully and use the tables provided on page 2 of the W-4.
These have worked for me in the past.
I attached the following from the irs website for your reference.

Answer 4

Fill out a form W-4.

Answer 5

If you make that much money why not consult a CPA.