filling out a w-4

[beatmix01]

So, I'm filling out my W-4 at my new job. What is the best way to fill it out?

 

[minendo]

Originally posted by: beatmix01
So, I'm filling out my W-4 at my new job. What is the best way to fill it out?

With a pen.

 

[beatmix01]

i shouldve known i was gonna get wise a$$ answers like that. How about some real help.

 

[kalster]

use the worksheet, its pretty easy


depending on if you are single or married and stuff like that you should be able to complete it

 

[Mermaidman]

Originally posted by: beatmix01
i shouldve known i was gonna get wise a$$ answers like that. How about some real help.

Well--be more specific--What part of the W4 don't you understand?

 

[beatmix01]

i was told that putting it as 1 you will have less taxes taken out.

 

[DnetMHZ]

You'll also get a smaller tax return, or pay in April.

 

[NutBucket]

Here's the best way to do it. I'm guessing you've never filled one out before. Just claim zero exemptions. Then, next year, you can see how much your refund is and adjust your exemptions accordingly.

 

[beatmix01]

the last time i filled out a 2-4 was in college when i had no exemptions.

 

[DnetMHZ]

You don't have to "have" exemptions to claim exemptions, you could put down 9 if you wanted to.

 

[Mermaidman]

Originally posted by: beatmix01
i was told that putting it as 1 you will have less taxes taken out.

The more exemptions, the lower the amount of tax taken out (But if too little tax is taken out, you end up owing the IRS next year, which isn't a bad thing. Unless you overdo it 😀 )

 

[NutBucket]

Right. Would you rather have your money up front or give the government a nice interest-free loan?

EDIT: For myself I found that claiming 2 state and no federal exemptions was about right. I am claimed as a dependent.

 

[Modeps]

Honestly, I'd rather get a nice tax return. Yah, it's a free loan to the gov, but it's also a forced savings on my part. That forced savings is helping me buy a house this year.

 

[NutBucket]

Originally posted by: Modeps
Honestly, I'd rather get a nice tax return. Yah, it's a free loan to the gov, but it's also a forced savings on my part. That forced savings is helping me buy a house this year.

I'd rather just take the extra money and stick it a savings account. 2% interest is better then none🙂

 

[EagleKeeper]

Originally posted by: Modeps
Honestly, I'd rather get a nice tax return. Yah, it's a free loan to the gov, but it's also a forced savings on my part. That forced savings is helping me buy a house this year.

Initially set the withholding to 0.

After 1-2 months boost it upwards to between 2-9.
Take the difference in the take-home pay and stick it away where you can not touch it (where the sun does not shine😀).

This will be the sames as the gov holding it, however, you have it earning some extra change and it is available immediately.

If you will be buying a home this year with it, you could not get it from the gov until next Feb at the earliest.

 

[PingSpike]

The key is to write '100' in the number of dependents box. Then you can get out of paying a lot of taxes. It works great. Trust me!