Hi
On my paycheck next to Federal it says "S02" and next to CA it says "S00" What does that mean.
I also heard that you need to change your W4 if you get a raise.
I was earning $12.2 per hour and now its $16.12 per hour.
Should i change it, or let it be?
2007-12-31 09:37:04 · 4 answers · asked by Aditya G 1 in Business & Finance ➔ Taxes ➔ United States
S02 means that on your W-4 you are claiming single and 2 dependents for federal withholding purposes.
CA is S (Single) 00 with zero dependents for your state withholding.
If you are not paying taxes at the end of the year (withholding enough federal and state income taxes) at your $12.2 per hour rate then you will be ok at the $16.12 hour rate. The rate of the withholding will increase as you increase wages.
2007-12-31 09:49:03 · answer #1 · answered by T D 2 · 0⤊ 0⤋
That is your exemption status. S02 means single 2 exemptions and S00 means single zero expemtions.
2007-12-31 17:45:57 · answer #2 · answered by ilovecats 1 · 0⤊ 0⤋
S02 probably means Single with two allowances. S00 means single with no allowances.
The more allowances you claim, the less tax is withheld.
If you get a pay raise, taxes will be withheld at a higher percentage, but you will probably owe a higher percentage when you file, so its very hard to say. Let it be...
2007-12-31 17:45:49 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
Those numbers probably mean that you filed your federal W-4 as single with two allowances, and filed your CA state form as single with 0 allowances.
No, you don't have to change your W-4 if you get a raise - the withholding is increased automatically.
2007-12-31 17:45:23 · answer #4 · answered by Judy 7 · 1⤊ 0⤋