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Federal Tax deducted from Payroll Question
Posted on 4/18/12 at 3:39 pm
Posted on 4/18/12 at 3:39 pm
Im sure I may include some incorrect wording so be kind. I basically want less money taken out of my paycheck (taxes) so that I'm not giving the government my money and getting a large refund once a year. Now, how do I go about gauging how much to get taken out. I have a daughter that I can claim, but besides that, should I do anything else? I'd rather have it set so I get a very small refund back or pay very little. Thanks in advance
4
Posted on 4/18/12 at 3:50 pm to bthomp1
Change your withholdings. It's probably at 0 or 1, so just go up to the next number. HR can take care of that for you.
Posted on 4/18/12 at 3:55 pm to bthomp1
The w4 form which is usually used by employers to determine your withholding should have most of the info you need
It's basically a worksheet you use to come up with your number
It asks about dependents and other common anticipated deductions
It's basically a worksheet you use to come up with your number
It asks about dependents and other common anticipated deductions
Posted on 4/18/12 at 4:24 pm to bthomp1
Posted on 4/19/12 at 1:10 pm to bthomp1
You can specify a specific amount. Find your actual tax from the following:
1040EZ, Line 10
1040A, Line 35 (after credits)
1040, Line 61 (after credits & other taxes)
Divide this amount by however many times a year you are paid. This is the amount you want withheld. Go to your HR department and fill out a new W-4, claim single or married and however many exemptions (line 5 of W-4) your HR department says will cause your withholding to be ZERO, this could be 10,20 or more. Now on line 6 of the W-4 claim the additional amount you calculated above.
1040EZ, Line 10
1040A, Line 35 (after credits)
1040, Line 61 (after credits & other taxes)
Divide this amount by however many times a year you are paid. This is the amount you want withheld. Go to your HR department and fill out a new W-4, claim single or married and however many exemptions (line 5 of W-4) your HR department says will cause your withholding to be ZERO, this could be 10,20 or more. Now on line 6 of the W-4 claim the additional amount you calculated above.
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