matt_j
Enlightened
http://www.irs.gov/pub/irs-pdf/fw4.pdf
In the line 5 if I'm single and have no dependents I write "0" right?
In the line 5 if I'm single and have no dependents I write "0" right?
stupid question about w4 form
- Thread starter matt_j
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Starshiptrupr
Newly Enlightened
Well, when I was single I'd claim 0 through the year, and then myself (1) when I filed at the end of the year. This usually gives you a nice refund depending on the earning bracket you're in. /ubbthreads/images/graemlins/smile.gif
If you claim 1 through the year they won't take as much taxes out each pay period, but I think there is a higher possibility you might owe when you file at the end of the year. (if you didn't opt to have more taxes taken out)
I've been married for a couple of years though so this might not be accurate anymore. I've also had a professional do my taxes for years, even before I was out of the EZ form stage.
If you claim 1 through the year they won't take as much taxes out each pay period, but I think there is a higher possibility you might owe when you file at the end of the year. (if you didn't opt to have more taxes taken out)
I've been married for a couple of years though so this might not be accurate anymore. I've also had a professional do my taxes for years, even before I was out of the EZ form stage.
matt_j
Enlightened
Thank you good man.
Enter "1". Single with one job, no dependents, and not a dependent on any one else's tax return, you'd enter a "2".
Unless you are so bad with your finances that you couldn't pay any taxes due in April if you owed, then you might want to enter a "1" or a "0".
In general you want to take and use all of your available deductions and exemptions and credits. No sense overpaying on your taxes.
Also, remember that if you overdeduct over the course of the year and thus will get a big refund check, that you have effectively GIVEN a free loan to the government for that year.
Unless you are so bad with your finances that you couldn't pay any taxes due in April if you owed, then you might want to enter a "1" or a "0".
In general you want to take and use all of your available deductions and exemptions and credits. No sense overpaying on your taxes.
Also, remember that if you overdeduct over the course of the year and thus will get a big refund check, that you have effectively GIVEN a free loan to the government for that year.
BF Hammer
Enlightened
Home ownership and other tax-deductable activities also make this a murky issue. My employer has been using a bad tax witholding formula for as long as I've worked there. Prior to buying a home (I'm single with no dependents also) I claimed 0 on the W-4 and hoped to only owe a small amount after the year ended. Now after buying a home I claim 1 and hope for the same (usually get a small fed refund that pays the small state amount due). Your mileage will vary depending on your financial situation.
georget98
Enlightened
[ QUOTE ]
BF Hammer said:
My employer has been using a bad tax witholding formula for as long as I've worked there.
[/ QUOTE ]
There are only a couple legal methods of calculating withholding and they're never more than a couple dollars apart. The tables and formulas are in IRS Publication 15 If your employer seems low, some deductions may be pre-tax. For example my retirement plan and health insurance are deducted before taxes are computed.
BF Hammer said:
My employer has been using a bad tax witholding formula for as long as I've worked there.
[/ QUOTE ]
There are only a couple legal methods of calculating withholding and they're never more than a couple dollars apart. The tables and formulas are in IRS Publication 15 If your employer seems low, some deductions may be pre-tax. For example my retirement plan and health insurance are deducted before taxes are computed.
