New job. tax exemptions?

[imported_elwood]

I want the least bit of taxes taking out of my checks without having to pay any back at the end of the year. Getting a few hundred back at the end of the year inst too bad.

When i went to payroll they really didn't have much helpful information about how many exemptions to put down. I'm single and my girlfriend and i live together (she works also).

I put single and i think i put down 4 exemptions. Is there restrictions on how many exemptions i can have? How many should i put to get the least amount of taxes taken out of my checks without having to pay at the end of the year?

 

[spidey07]

There's calculators available based on your income and deductions (infact there is info on the back of the w-4).

 

[imported_elwood]

From what i've read so far i should only be claiming one exemption (myself) since it's just me and my GF living together?

 

[bctbct]

You should probably claim 0

4 would be you, wife, and two kids

 

[Fingolfin269]

Claim however many it takes to make you pay the correct tax each month so that you neither owe or receive a refund at the end of the year. I suck though because the government still owed me $62 this year. 🙁

 

[imported_elwood]

Originally posted by: Fingolfin269
Claim however many it takes to make you pay the correct tax each month so that you neither owe or receive a refund at the end of the year. I suck though because the government still owed me $62 this year. 🙁

How many exemptions do you claim?

 

[Bryophyte]

There's an online calculator on the IRS website that works fairly well.

 

[CanOWorms]

I claim 2 and I'm single. I used the tax worksheet form thing. I believe it comes from: +1 if nobody else claims you as a dependent, +1 if you are single with 1 job = 2 (for federal).

 

[EagleKeeper]

You can go up to 9 without the government getting involved.

With 4 you will have to pay and may even get hit with an underpayment penalty.

Look at your income this year and the amouint of taxes that you should pay on the income.

Now look at the amount of taxes being withheld from the current paycheck based on the W4 of 4.

Determine the amount of taxes taht would be withheld for a complete year and see how badly you will be.

If the amount is over $1K, have your W4 changed to 2. Again much depends on your income at the start.