For my W-4, how do I get *more* withheld federally?
Thank you.
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M$4 Answers
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M$HR Block has a withholdings calculator that can help you determine how much you should withhold.
http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=4&referlink=undefined
For more info, check out
http://www.hrblock.com/taxes/tax_tips/tax_planning/fillingout_w4.html?ttipt...
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M$
Less dependents... more held out. More dependents... less held out.
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M$Thanks for your great question!
He's what I've been able to find out:
The less dependents you place in box 5 on your W-4, the more will be taken out of each of your paychecks. I place 0 in this box even though I will claim myself at the end of the year. This ensures I will have more than enough to cover my tax liability. (and I will be entitled to a refund!)
A word of caution though... If you do not have enough money taken out by the end of the year, you may have a penalty. You must have at least 90% of your total tax liability paid in to avoid this pesky little fee.
The IRS has a great, albeit, complicated calculator to determine how much to put on your W-4 to have enough taken out. Unfortunately, it is down for the new year. I've included the link below for reference later:
http://www.irs.gov/individuals/article/0,,id=96196,00.html
A few things to consider:
- Always change the information on your W-4 to account for any changes in your status (marriage, divorce, employment changes) and ALWAYS at the beginning of a new year. - Its great your asking the right questions now!
- Remember to adjust your W-4 to have the lowest refund possible. any thing extra you would have taken out, place in a savings account. This gives you that safety padding in case your taxes are more, and you get interest of of it! (Paying too much into your tax withholding is like giving the Federal government an interest free loan - You know they're just going to bail out some company with it: http://www.cnn.com/2009/US/01/07/campbell.brown.porn.bailout/index.html)
Hope this helps! Comment below if you have anything I need to expand on.
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M$
this is confusing, as the worksheet has me put one for each of these:
-For yourself if no one else claims you as a dependent.
-If you are single and have one job
-If you file as head of household on your tax return
Sorry, it would be 2 then, one for yourself and one for being single with one job. You cannot file head of household if you have no dependents, so that does not apply.