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Alexis | What should a single person with no children claim on his W4 form to get the most money per pay? |
I just started a new job, and I'm having trouble figuring out how to fill out my W4 form. I'm 25, single, no children, and my parents can not claim me. What number of allowances, if any, should I claim on my form to get the most amount of money per pay check and not owe any money at tax time? Should I be 1, 2, or exempt?
Any advise would be much appreciated! |
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Reena
 |
Claim Zero Allowances and you should get some money back when you file your taxes.
Claim One (yourself) and you should "even out" and not owe any taxes and still get a little bit back when you file your taxes.
File more than one allowance and you will end up with more money on your pay check but you will also owe taxes when you file your tax returns.
The allowances represent "dependents" and since the only dependent you have is yourself you can choose zero and get more money at tax time or 1 and hope to "even out"
While you can claim as many allowances (dependents) as you want during the year it will catch up with you when you file your taxes...
better not to play that game.
P.S. your filing status should be "single" claiming 0 or 1 |
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ninasgramma
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The more allowances you take, the more pay you keep.
You can start with 2 allowances. Enter 1 on Line A and 1 on Line B.
Then, next year figure your taxes, say in September, from your paystubs. If you are going to owe, you can reduce you allowances to 0 or 1.
Theoretically, if you only have one job and no other income, 2 allowances should result in your breaking even. |
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Judy1
 |
You aren't exempt, unless you expect to make under $8950 total for the year, and had no tax liability last year.
Claim one. If you only have one job, you could claim two, but you might owe a little at tax time that way. |
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goldnstar04
 |
I am similar, im 22, single, no children. I put 1 on my w4 because the taxes are moderate. You don't pay a lot but you also don't get a lot back on your tax refund. If you put 0, you would be paying more taxes in each paycheck but get back more on your tax refund. You eventually end up with the same amount of money, but it depends on when you want it. You'll get the most out of your paychecks now and you wont have to pay extra later with 1. Good luck at your new job! |
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jehowell2000
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Your income IS a factor, but if you claim single and 1, that should yield the most money in your paycheck to keep your tax bill the lowest in April. |
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Shelly L
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If I were in your situation, I would claim Single, 1 exemption so that you do not short change yourself when it is time to file income taxes. You will not owe any monies to the IRS, and still enjoy an income tax return. |
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Harry
 |
if you don't own a house and don't have significant income other than incomployment then, very generally, you should put single and 2 allowances on your W4.
You could increase your allowances, which will give you more per pay check, but you will then have to pay a balance due with your tax return. You will also potentially be subject to an underpayment of estimated tax penalty for not having enough tax withheld through the year. |
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Sharon T
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S-1.
Exempt would be illegal if you have any tax liability at all for the year. |
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