filling out a w-4

[sciencewhiz]

I'm graduating college in less then a week, and starting work in 3 weeks (December 6th). My parents will be claiming me as a dependent for this year, and then I will be independent after that. That's relatively simple as far as filing my taxes goes.

The problem comes in filling out the w-4 for my new company. Since I will be working for them this calendar year, it would seem that I'd need to answer yes to is anyone going to claim me as a dependent in the personal allowences worksheet. However, I'm only going to get 3 weeks pay (2 pay periods) before the new year starts. Can I get in trouble for saying that no one claims me as a dependent for the w-4 for the next 3 weeks. It seems to make more sense to do that, then to fill out another one in a month.

 

[DaveSimmons]

No, it's really just to save you from under-witholding and getting a huge penalty at filing time. Unless you're getting a massive signing bonus you should be OK with claiming the 1 exemption for an extra 3 weeks.

 

[sciencewhiz]

That's what I figured.

 

[EagleKeeper]

The W4 is a guideline/worksheet for you to estimate your withholding.

If you have not worked at all/very little this year, then anticipate and plan for what you situation will be for 2005.

You can also adjust your W4 withholdings at any time during the year.