How do I decrease the amount of money that is withheld from my paycheck every month? I want the most money per month possible. What allowances/exeptions do I write down?
2007-12-10 07:04:47 · 11 answers · asked by mark m 1 in Business & Finance ➔ Taxes ➔ United States
Claim yourself and your family members (spouse, kids, etc) ONLY if you actually have them.
If you claim 1, you will have less taxes taken out than if you claim zero. If you claim zero, you'll get more of a return back at tax time. If you claim 1, it will be less of a return and you may have to pay in depending on your income.
2007-12-10 07:11:28 · answer #1 · answered by Lauren 5 · 0⤊ 1⤋
W-2 Withholding
2016-11-16 16:17:10 · answer #2 · answered by hollister 4 · 0⤊ 0⤋
Fill out the W-4 correctly.
You cannot put down 9 or 99 exemptions unless you can show that really are entitled to that many.
Your employer may accept a W-4 with 9 on it, but if you owe a lot in taxes and managed to have $0 withheld, the IRS will notice and send your employer a lock-in letter. You would then be limited to single 1 or single 0 as your valid choices on the W-4.
2007-12-10 07:10:29 · answer #3 · answered by Anonymous · 1⤊ 0⤋
If you were hired as an employee you should receive the W2. By agreeing to a 1099 you are an independent contractor and will owe the government more in SS withholding tax. I would insist on a W2.
2016-03-14 06:50:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to human resources and fill out a new W-4 form. Be aware, however, that by paying close to zero taxes throughout the year you will end up forking over a nice sized check when you finally do your taxes for that year.
Wouldn't recommend it!
2007-12-10 07:11:18 · answer #5 · answered by the_lookouts 2 · 0⤊ 0⤋
Of course all this will be moot when the FairTax Act H.R. 25 passes and replaces all income taxes with a single sales tax on new items. The FairTax now has the support of hundreds of thousands, 72 congressional sponsors / co-sponsors, and 7 presidential candidates. See www.fairtax.org
Fundamentals and facts http://www.fairtax.org/PDF/FairTax-Funda...
Frequently Asked Questions about the FairTax http://www.fairtax.org/fairtax/faqs.htm
2007-12-10 08:37:58 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you are claiming fewer allowances on your W-4 that you are entitled to, increase the W-4 number to whatever you have. If you're already at that number, don't take it higher - you'd get more money now, but would buy yourself trouble down the road, not a good tradeoff.
2007-12-10 11:01:14 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Up you exemptions on your W-4 with your employer, but be aware, that come tax time, you may owe more than you expected to the IRS and they can make your life hell.
2007-12-10 07:14:31 · answer #8 · answered by kwflamingo 6 · 1⤊ 0⤋
You are allowed 1 exemption for yourself, an exemption for each dependent if you have one (usually a dependent is a child), and one exemption for your spouse if you have one. I have 2 exemptions, one for me and one for my wife. They take almost 100 dollars less out of my pay check in taxes than if I claimed 0. DO NOT CLAIM 0 if you claim 0 they take the maximum out. However, keep in mind that the less they take out, the more likely you will owe money come tax time.
2007-12-10 07:09:54 · answer #9 · answered by dg2003 5 · 0⤊ 2⤋
Just put the maximum number of exemptions. It was 9 when I was in Georgia last year. However you will get hammered when tax season rolls around so be prepared. They'll get their money one way or another.
2007-12-10 07:07:00 · answer #10 · answered by ChemESGH 2 · 1⤊ 4⤋