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RabbleRabbleRabbleRa... | Tax Exemptions? |
OK I just moved to the U.S. to be with my wife & daughter and I have NO idea what so ever about taxes etc..
I recently started a new job (my first in the U.S.) and my co-workers recommended I have3 Exemptions/Allowances.
I got my first paycheck today and the amount the taxed me doesn't look right....from $514.50, they only took out $17.03.
I'm married with 1 child, my wife does not work right now....how many exemptions/allowances should I have as I do not want to owe the govt. money at the end of the tax year??!!??
Thanks.
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$514/week plus monthly bonus full time. |
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rabika97
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the more that you except (in your case 3) the less money they take off on your weekly checks, and then you will get less back at the end of the year (or perhaps have to pay in). The less you except, the more $ they take and the more you get back at the end of the year.
seeing as though you have a dependant chances are you are not going to have to pay in, but i would run it by an accountant just to be sure. he would be a better one to answer this seeing as though he can look at all the numbers in black and white. |
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Josh
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If you claim 3 exemptions on your W-4, they will take $63.46 off your taxable income for the week. Therefore your tax will be 514.50- 190.38= 324.12. They will take 10% of the excess over $154. so 324.12-154= 170.12 * %10 = $17.01. So that amount seems just right. It will work out at the end of the year. |
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Rolando MacTavish IIII
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www.irs.gov |
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ami
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You have not received any response yet that makes sense! Go to H&R Block if you don't check your answers fairly soon. If all you are talking about is $514.50 on the 15th and 30th of each month for example, that means your annual income is $12,348. You are married filing joint - which means you get a $10,000 standard deduction (for 2005). This reduces your taxable income to $2348. Then you have your personal exemptions - which mean $3200 apiece (for 2005) - equaling $9600. This completely wipes out your taxable income. Meaning you owe NO tax. HOWEVER you have not necessarily presented us with an entire financial picture. Normally, if you have other INCOME other than what you are stating, this will affect the result of your tax return. IF you ONLY have this $514.50 on the 15th and last day of the month - exactly as you have described here - you shouldn't have to worry about owing anything. |
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Judy1
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Sounds about right for $514.50 a week. The part that could make a difference is the monthly bonus. But if that's large, they'll probably take quite a bit more out of the check that comes in. You should be OK. |
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sinamore1966
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If you do not make more than 31,000.00 or there about in a
year, you have not to worry about paying back. If this is the case you will be able to claim your wife and child as dependents and also claim the earned income credit which should give you back all they take out for fed. income tax plus a nice amount for the rest. If you make more than that there will be more to figure but usually if you claim as in your case yourself, your, wife, and child which is the 3 exemptions you should come out pretty even in any case. Hope this helps! |
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bbbryan14
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so you make about 24K for all three of you...
assume you take the standard deduction... so your taxable income would be 19K... then take 3 exemptions assume 3200 per person, so you take off 9600 off that 19K... so your taxable income is actually 9400...
i think you're in good shape... take the child tax credit, then take the earned income credit... if it exceeds your tax liability, you'll even get a refund
please don't take these numbers for granted... |
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mom2babycolin
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Go to your HR office and tell them you want to look at the rules for your W-4 and possibly re-do it. I'll put a link to it here.
I think my husband takes 9, but we've got 2 kids by the end of the tax year.
By just looking at this and what you said, you should have claimed at least a 5. I don't know what your income or care expenses are. Talk to the HR office and explain what happened and get it fixed ASAP. |
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Abdumalik A
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please to be strong! the days will be fine, may Allah bless us |
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Fefe
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You have dependents so you are going to get money at the end of the year.............$514.50???????? Is this a part-time job? |
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