Federal Withholding - W4 questions.

[Led Zeppelin]

I've never really understood on the W4 you fill out when starting a job the number of allowances. If you're single, how many allowances should you be claiming? If you claim two, they should take out more taxes from your check, then you're guaranteed to get money back in April, right?

 

[Drakkon]

http://www.bankrate.com/yho/green/taxes/basics1-1a.asp

 

[EagleKeeper]

Originally posted by: Led Zeppelin
I've never really understood on the W4 you fill out when starting a job the number of allowances. If you're single, how many allowances should you be claiming? If you claim two, they should take out more taxes from your check, then you're guaranteed to get money back in April, right?

The higher the number of exemptions; the less withheld; Possible of owing taxes at the end of the years and/or penalties for "underwithholding"

The W4 is just a guideline; you also need to take into account the number of incomes/jobs that are happening concurrently.

 

[FoBoT]

if you wanted the fatest refund possible, then claim single - 0
they'll withhold the maximum amount

not that that is a good thing

my refund this year was too big now that we own a home and can deduct a crap load of mortgage interest, so i bumped my W-4 from married - 4 to married - 5 to increase my take home pay and lower our refund for next year

 

[FP]

Originally posted by: FoBoT
if you wanted the fatest refund possible, then claim single - 0
they'll withhold the maximum amount

not that that is a good thing

my refund this year was too big now that we own a home and can deduct a crap load of mortgage interest, so i bumped my W-4 from married - 4 to married - 5 to increase my take home pay and lower our refund for next year

:Q MARRIED 5?

Dayum. Do you have other large deductions? I am married and own a home in Cali. but I can barely claim married - 1 and still break even on taxes.

 

[RossMAN]

http://forums.anandtech.com/messageview.aspx?catid=38&threadid=1768384

 

[ATLien247]

Originally posted by: binister

Originally posted by: FoBoT
if you wanted the fatest refund possible, then claim single - 0
they'll withhold the maximum amount

not that that is a good thing

my refund this year was too big now that we own a home and can deduct a crap load of mortgage interest, so i bumped my W-4 from married - 4 to married - 5 to increase my take home pay and lower our refund for next year

:Q MARRIED 5?

Dayum. Do you have other large deductions? I am married and own a home in Cali. but I can barely claim married - 1 and still break even on taxes.

Maybe he has kids?