 How much should I be deducted from my wages both for NI and as Income Tax? |
| I though it should be around 20% altogether but I have been deducted 19.19 for NI and 55.80 as Income tax from 279 which works out something like 20% deduction as Income Tax and 7% for the NI. Is ... |
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 Can I pretend I made $5000 from selling stuff on ebay to open a Roth IRA? |
I need earned income to open a Roth IRA, I am only 19 year old and I am a full time student.
I did sold stuff on ebay back in Fed-Mar 2008 and earned about $3000, but I want to contribute ... |
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 Can my ex husband claim our kids for income tax even though they live with me? |
| My ex husband is trying to claim our 2 kids. They live with me, he barely sees them and he only gives them $50 a week total. Some weeks he claims "I'm broke so I can't give them any ... |
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 We had a baby 2-21-08, will we get stimulus imbursement? |
| when we file taxes this year we have to note our stimulus amount recieved in '08, will we get an extra $300 for the baby? not a big deal, just curious.... |
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 Do I have to file my taxes if they already deduct it from my bi-weekly pay checks? |
| Recent college graduate working a full time job for the first time and really confused about taxes.... |
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 If i get married do my tax refunds go to my husbands ex's kids? |
| i want to get married but my fiance is responsible for 2 other children. will they get any of my tax refund?... |
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 What is the difference in filing taxes by mail and e-filing? |
| I know e-filing takes less time and gets processed sooner, however does it make a difference in how much you get back?... |
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 Aunt being audited, here is the situation...? |
| I was just wondering, how can a person be audited if they are not the tax preparer themselves? What can a person do to prevent having to owe money to the IRS if the 3rd party preparer did not have ... |
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 If my husband and i filed though turbo tax and had it direct deposited though Santa Barbara bank and trust? |
will we still get our rebate direct deposited.
Additional Details
Im worried because my husband is first on the return and his last two are 09 and we havent seen anything hit the bank ... |
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 In an IRS Audit, how far back can the IRS go if the President of the Company changed? |
| 2 years ago, we switched the President of the Corporation over to me, can the IRS go back past before I became President?... |
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 Which is a better investment - 7% tax-deferred or 9% taxable? |
Assume:
- I have a marginal tax bracket of 30%
- I am investing for a 15-year time horizon.
- Tax is paid yearly on taxable interest.
- Tax is paid at end-of-term on tax-deferred ... |
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 Why is 6 months road tax work out dearer than 1 year? |
| The government charge more for 6 months, therefore it's cheaper to buy tax for year. This kind of deal from the government is leading those who are struggling to go into, if not further into ... |
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 HELP!!! How can i claim our tax return? |
| My husband is in a rehab center. How can I go ahead and go do all the paper work for our tax return if he's not here? He cant leave the facility he's in. Can I sign for him? Or will I have ... |
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 I have just been selected for an IRS examination...not sure If i should go please help.? |
I just received a notification from the IRS that my 2005 return has been selected for examination. The issues they are having are with:
Schedule A : Other misc deductions and also U... |
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sunie s | W2 Form help? |
What is the difference between claiming 0 or 1. I just started a new job and counldn't really understand this. I am single, no kids and not married. |
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STEVEN F
 |
The W-4 is the form that tells your employer how much to withhold for Federal income taxes. Your state probably has a similar for for state taxes. The more allowances you claim, the less they withhold (more money in your check). This does not change the actual amount of tax liability when you file your tax return. The goal should be to match your withholding to your tax liability. In your case, claiming 1 or 2 will probably come closest. The link below is a calculator the IRS provides to help decide how many to claim. |
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Christina
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It determines the amount of money withheld from your check for taxes. Here is a link to the IRS Withholding Calculator: http://www.irs.gov/individuals/article/0,,id=96196,00.html |
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Celz
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It all depends on the amount of taxes you would like deducted from your check every pay period. for the most refund you would claim zero dependents/ exemptions, in this case more taxes will be deducted from you check and you will get a bigger tax refund at the end of year. if you choose to elect 1 exemption which would be you claiming yourself as 1 then you would put single with one exemption, in this case they will deduct a little less and you will receive a refund less then if you claimed no exemptions. so it comes down to wheter or not you want more or less taxes taking out of your checks. |
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Christopher M
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It is better for you to claim 1. This will caused the government to withhold a lower amount in taxes so you will have more money in your pocket now. If you claim zero, you will have the same outcome when you receive your tax refund (less the interest you could have earned in a bank account) |
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Fool in the Rain
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If you are single with no kids and you don't Itemize using Schedule A, you should claim zero. End of story. Please ignore the users who told you to claim 1. If you claim zero, they will withhold more. However, if you had seen as many young single men/women as I have who have put 1 Exemption on their W4 and then ended up owing at the end of the year, you would say the same thing. |
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Barkley Hound
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Here are the instructions from the W4.
You get 1 for yourself if no one else claims you.
You get 1 if you are single with one job, or married with one job and wife does not work, or your wages from a second job is $1000 or less.
You get 1 for your spouse.
You get 1 for each child.
You get 1 for head of household
You get 1 if you have at least $1500 child care expenses
Add all together. This means that normally a single person will claim 2. You can always claim less but never more on the W4. The lower the number, the more tax withheld.
Don't forget that exemptions on the W4 are not the same as deductions on your tax form. When you file taxes you get a standard deduction if you do not itemize PLUS deductions for each person. that is why you put 2 on the W4. |
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a.dar29
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The more exemptions you claim the less taxes are taken from your paycheck (federal taxes). As a single person with no kids I recommend "0" for half the year and "1" for the other half. You can change your withholding at any time by requesting another W2 from your HR or Payroll department.
If you claim "0" all year long you will probably get a bigger federal tax refund at the end of the year. If you claim "1" all year long you will either get a very small refund, none at all, or owe a small amount. But your refund/tax liability will depend on your total income for that tax year. |
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