BAH HUMBUG!!! NT Accountants, Tax Specialist chime in. Need Clarification.

Discussion in 'General' started by ooiron manoo, Dec 24, 2009.

  1. ooiron manoo

    ooiron manoo

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    I just got a hefty check for two weeks of work and it seems like Uncle Sam has bent me over and taken a large chunk of change.

    What is the best way to utilize my W-4?

    Is it better to take all the exemptions on the W-4 or is it better to just put "0" down the line and hope for a better tax return?

    I've done both ways, currently I just did zero exemptions and Uncle Sam took over 30% of my income in taxes/medicare/etc [​IMG]

    I used to put "1" for myself (Dependent) and "1" for Head of Household. Now I do "0" all the way down, 'cause there was oneyear I was awfully close to paying.

    I just feel I'm getting taxed too much.

    I would ask my accountant but I don't have one [​IMG]. I guess the guywho does my tax returns is my accountant, but he is out of town for the holiday's. This is grinding my gears, so any help is appreciated.

    [​IMG]

    Cliffnotes:
    -This will be helpful to everybody so read this %+#@.
     
  2. rsdplaya

    rsdplaya

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    you know you can claim any number you want regardless of your situation, which means they'll take less and less out, but it's very risky of course cuzyou don't wanna end up screwing yourself over come april.

    i know a single guy, 25 or so, he claims 7...he knows what he's doing though, so he never has to pay the IRS when the tax season rolls around.
     
  3. DeadsetAce

    DeadsetAce

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    i bet he's investing that "extra" cash he gets to hold on to...and then when april rolls around, he'll be paying what he owes,but he will have made money off that "free loan" the govt game him. props to dude for taking the time and effort to do that.
     
  4. s dubl

    s dubl Administrator

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    I used to work with a dude (single with one kid) that claimed like 5-6 1/2 the year and 0 or 1 the other half and came out good?

    Im married with 3 kids and claim single 1 throughout the year...
     
  5. me4u2night

    me4u2night

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    If you're the only dependent, 0-1 is what you should be claiming.

    30% is about what the government takes. You can get around this if you start itemizing everything in which you'll get more back at the end of the yr.

    If you start doing that, make sure you have all your receipts.
     
  6. josebronx

    josebronx

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    [​IMG]
     
  7. ooiron manoo

    ooiron manoo

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    I now the Fed is going to come out, but you have a chance to get that back when you get your returns done.

    Is there any exemptions I should use to get the other forms of taxation (Medicare [​IMG] and FICA [​IMG]).

    It just sucks getting a hearty 2 week check for 2k and Uncle Sam takes $600 + [​IMG].