Wednesday, April 16, 2008
W-4
Does anyone have any advice about the number of allowances I should claim on my W-4? I have claimed 0 for the last eight years. I just looked at my last pay check and I get about 71% of what I earn. The rest goes to taxes, SS, and medicare. I would like to get more of that, but don't want to have to pay taxes at tax time ever again...Any thoughts?
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6 comments:
Go to the IRS website. They have a tool that tells you what you should use. It tells me to put down 10.
Mike
It tells me to put 11, but then it says that if I do that they will not withhold any taxes and that makes me nervous.
Mike, what do you have? Did you claim 10?
Yeah. I put down 10. I also don't pay any income tax (well, now I pay something like $27/month). I got all my money back from this past year, plus some of Dad's. This coming year we will probably be a lot closer to $0 owed and $0 "returned", though. If you can accurately estimate how much you will make, the calculation should be pretty good.
Um, you got some of Dad's money back? What on earth are you talking about? And how can I do that?
Yeah, I want Dad's money too!!!
I was just saying that I got more money back than I paid. I like to think that it is someone I know that is giving me their money. Since I assume Dad pays more taxes than the rest of us, I also assume it's his money I am getting.
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