Quick W4/withholding question

[Yossarian]

I'm getting too big a tax refund this year so I want to adjust my W4 allowance. Higher allowance = less taxes taken out, correct? Does it matter if I'm single w/an allowance of 4?

 

[captains]

i fail to see the problem here

 

[kranky]

Higher allowance = less taxes taken out, correct?

That's correct. Why not ask your payroll department what change to make so it adjusts by the amount you want to reduce. That's easier than guessing.

 

[Yossarian]

Originally posted by: kranky

Higher allowance = less taxes taken out, correct?

That's correct. Why not ask your payroll department what change to make so it adjusts by the amount you want to reduce. That's easier than guessing.

That's a good idea, I didn't know such a thing was possible. So I could have zero for an allowance and just have them withhold a certain amount each paycheck?

 

[kranky]

The variables which affect how much is withheld are (1) number of allowances; (2) single or married; and (3) optional additional amount withheld. Of course, your salary affects it also.

What your question to payroll should be is "Can I specify the exact dollar amount being withheld from my check for federal taxes, or do I need to figure out what number of allowances filing single (or married, if you'd like) will work out to that amount?" If it's the latter, then ask them what the right number of allowances is.

 

[RU482]

I put down 10 and I still got a $2500 refund