 My husband is self-employed and "hires" a few guys to help him but he doesnt take taxes out of their checks.? |
| They get a 1099 at the end of the year. Is there any paperwork or anything they need to fill out to claim responsibility for their own taxes? Or is the 1099 enough?... |
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 Can two people who live with the same child claim that child? |
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 What is the penalty for over withdrawl on an IRA? |
| I'm retired and rolled over my 401K to an IRA, but I've had to take out over $100,000 in a year. What will be my penalty?... |
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 Hom much is petrol in the area of the uk you live in?? |
Additional Details
It's £1.009 a litre,at Welwyn Garden City Today!... |
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| Do i need to pay tax if i am selling used items on eBay? |
| I am In the UK England And am selling 10-20 things a ... |
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 Why do I owe SO MUCH money? |
| I make $37,000 yr with a taxable interest income of $1,033. In previous years, I earned slightly more but got a refund. This year, I owe the Fed $214 and State $600+! What am I doing wrong???... |
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| Can a 17-year-old move out of their house legally before turning 18 in NC? |
| I am a 17-year-old girl living in NC and I wanted to know if i can legally move out if I only have 5 months till I turn 18. I am not only moving out to just have freedom, my home life is terrible. My ... |
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 When emmigrating to another country do you lose your entitlement to uk state pension? |
Ive been woking for a while and have paid a fair old whack of national insurance and tax in my working life.
If i was to emmigrate to another country would i lose my basic uk pension. (Can i ... |
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 Well I have got to pay my road tax on my car today £99. My question is? |
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 Can I file head of household & claim my fiance as dependent on 2007 tax return ? |
| in 2007, He has bought and sold some stock & made $1700 in his traditional ira, earn $1007 interest on certificate deposit in his traditional ira, he cashed in US saving bonds & earn $1245.60 ... |
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 I have a tax question.......? |
| I filed my taxes last week and everything was fine until I got my return and it was only half of what if was supposed to be. It turns out that the student loan I have been paying off for a year and ... |
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 When are taxes due? |
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 Did anyone who filed thru turbo tax get rebate direct dep.? |
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merry c | Witholding taxes question:single with no dependents? |
Iam single with no dependents what is the best number to claim with not so much money taken out. but yet dont owe at the end of the year?
second question:what if i dont want not to much taken out but only owe a little money back at the end of the year which number is best to claim. My income last year was 24,000 I filed exempt and now I owe IRS. IRS or employers never disclose this information . My tax preparer and a friend told me that you have to claim different numbers on the W4 forms to see what works for u, but I dont want to claim number and my biweekly check get screwed up because so much was taking out of working overtime and double. please give me advice I will appreciate it |
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Lucubrious
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You can go to Paycheckcity.com and play around with the paycheck calculator to see the difference in take home pay based on the number of exemptions claimed.
If you get paid hourly to go http://paycheckcity.com/netpayhratescalc/netpayhratescalculator.asp
If salary go to http://paycheckcity.com/netpaycalc/netpaycalculator.asp
You made 24,000 and if you subtract roughly your standard deduction of 5,350 and your personal exemption of 3,400
that leaves you with 15,250 of taxable income
So your taxes should be roughly 1,897 (10% up to 7,825 and 15% for the rest) This amount does not include any penalties you might have been assessed.
Which means that you need to have at least that amount deducted (I would say more) for the whole year to not owe the IRS money.
2008 will more than likely have increased amounts for standard deduction and personal exemptions.
In your case, I would do 1 or maybe even 2 exemptions. Check out the website and play around with the exemption amounts. Then multiply by 52 (if you get paid weekly) and ensure that you come up with the number above or more preferably. Whichever exemption gets you to that number is the one you want to use. |
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Judy1
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If you want to be sure not to owe, then claim 1. If you want to come very close one way or the other, claim 2.
This assumes that you are not a dependent. If you are a dependent, claim zero. |
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Whoa_Phat
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Take your the $(24000) gross amount you expect to get paid this year, subtract 5500 for standard dectuction, then take off 3500 for standard exemption. $15000 remains, your taxes should be about 1500 total, 10% of 15000. Make sure you have $35.00 per week withheld in Federal to make sure you do not owe. You'll get about 320$ back next April. |
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joliesf
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If you are single, and don't have a mortgage or other deductions, I would only claim one. Things like having more than one job or periods of heavy overtime may result in too little or too much withholding, but unless you know what your year end salary will be you can't get any closer except to just claim your single exemption. If you have more than one job, change it to zero exemptions - your chances of paying too little are higher if you have income from more than one source. |
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Tracy G
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Your best bet is claiming either one for you or 0. If you claim 0it will take more money out but you will get a check at the end of the year. |
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src50
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It wasn't your employer's or the IRS' job to "disclose this information." It was your responsibility to fill out your W-4 accurately, which you evidently did not do. You should put "single" status and one exemption (maximum). |
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Mel
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On your W-4 put Single Filing as single but want withheld for two for tax purposes. they will hold out what ever you tell them. Talk to your employer's pay person they will help you. |
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suzanne b
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All I know is There is Life,TAXES,Then you Die......
And I am an Australian...
Suzanne............................... |
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Dave T
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There is a work sheet with the Form W4 that will help you complete the form and have the correct amount of withholding at the end of the year. You should be ok with Single and 1 exemption. If you want a bigger refund then Single and 0 exemptions, but that means your employer will take more money out for withholding each pay check.
The IRS requires that you have enough withholding to either full pay the current years taxes or last years withholding was 90 percent of the current years tax or they can assess a penalty for not withhold enough.
By claiming exempt last year, you should have made quarterly estimated payments to the IRS. It is likely the IRS has added the Failure to Make Estimated Payments on to the amount you owed for taxes. You can check by calling the IRS at (800) 829-1040 and asking. If they did put on the penality then ask the person on the telephone about abating the penality for Reasonalbe Cause. This is a one time forgiveness of penalty for taxpayers with a good filing and paying record. |
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