new job W4 question

[cHeeZeFacTory]

So,

I recently got a new job, filled out the W4, got a total of 2 allowances. One for single and have only one job, one for no one else claiming me as a dependant. Which is exactly the same as my previous job.

I get my first check today, and I see 0 exemptions on the pay stub. I had 1 exemption from my previous job and still got plenty back come income tax time.

How do I get that 1 exemption?

I rather have my money and put it in a 5% savings than loan it to uncle same at 0% until next year.

edited: After some reading, i should have 2 allowances. 1 for no one else can claim me as a dependant, 1 for single and have only one job.

 

[mugs]

Talk to your HR person.

 

[cHeeZeFacTory]

yea i will on monday. Just thought maybe atot can provide some insight

 

[mugs]

Originally posted by: cHeeZeFacTory
yea i will on monday. Just thought maybe atot can provide some insight

Well that's your insight... the HR person will be able to change it for you.

 

[EagleKeeper]

If some one is claming you as a dependant, you can not be Head of household and also should not be claiming single.

Doing so, will shaft you royally in terms of payments needed at the end of the tax year and possibly also incur penalties for under withholding.

Allowances on the W4 equate to the Exemptions on the Payroll tax withholding level.