On my W-2 tax return form for job , how do I fill out the dependecy thing?

Question

hi guys ,
i am asking this question because for some strange reason , in the last job I had they took 10 dollor more from me than my cousin ( we were working in the same place ) ..

and I realized that it had something to do with the Dependency thing in the w-2 form.. So now i have to fill out my W-2 form for this new job i will be starting tommorow

and i need all the money i can squeeze out from it .. because of many payments past due..

any tips ?

Answer 1

are you a student, college, high school ect? Your cousin might have fallen into this category or just filled his W-2 out wrong. If so, that makes a difference.
whatever you claim, you are getting that much less taken out for taxes and will have to possibly pay at the end of the year. I suggest you claim zero, that way you can budget what you earn and not have to owe money to the IRS in the new year.

Answer 2

I'm afraid there is no quick answer for your question. You really need to crunch the numbers on the W4 worksheet to get the correct answer.

You do not mention if you are married. If so, and if your spouse also works, you need to keep in mind your combined circumstances.

In general, the more exemptions you claim the more take home pay you will receive. However, that could leave you owing a large balance at tax time. Again, its important to do the math before completing the W4.

Answer 3

1. The federal and state income tax withheld by your employer depends upon what you put of your W4. It is not your actual taxes as per your tax return. The withholdings can be more than or less than the actual taxes.

2. In January 2008 your employer will send you a form W2. It shows your total income and amounts withheld for various accounts (SE tax, federal tax, state tax...).

3. You will need to file your federal and state income tax returns in 2008 by April 15, 2008. The returns will show your total income (from W2) and your total federal and state taxes on that income (these tax figures has nothing to do with what you put of your W4).

4. Now if on W2 you paid more federal taxes than your federal tax liability as per your return, then you will get a refund. If on W2 you paid less federal taxes than your federal tax liability as per your return, then you must pay it.

Answer 4

It's a W-4 form you are filling out.

You don't say whether you have a spouse, any dependents, adjustments to income, or whether you itemize - if you have any of these, would affect what you could claim.

If you are single, claim single/one allowance.