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Originally Posted by ANDYCAB2105 On my w4 I put down married and 5 deductions. Is that asking too much on taxe exemptions? |
W-4 allowances is a common topic of confusion. In fact, most people don’t know how to fill out a W-4. Form W-4 determines how much federal, state, local, Social Security, and Medicare tax is withheld from your paychecks. When beginning a new job, you must fill out this form and give it to your employer, even if you are exempt from withholding.On your W4, you usually give your employer instructions on how much income tax to withhold from each paycheck; each withholding allowance you claim shelters a portion of your income from withholding. So, basically,you can claim no allowances, or you can claim any number up to the maximum, which is 10 UNLESS it is disallowed. A Form W-4 is invalid if, by the date an employee gives it to an ER, he or she indicates in any way that it is false. it’s important to be aware of the number of W/A you’re claiming. You may end up with a large tax due bill if you claim any random number. This means, if there ‘s too much tax withheld throughout the year as you claimed only a few W/A, you’ll end up receiving a tax refund when filing your taxes. The opposite is also true. If too little tax is withheld from your paycheck as you claim too many W/A, you’ll end up having to pay taxes later on. In general, if you are married with one child, you should claim; The number of allowances you claim on your W-4 is dependent on your life circumstances. If you are married with a kid, you and your spouse combined should generally claim 3 allowances. For each additional child, add an allowance. So, if you’re married with two kids, as a couple, you would claim a total of 4 allowances, meaning each of you would ideally claim 2 allowances on your W-4s. As said, allowances can be difficult to determine. You should complete the Personal Allowances Worksheet on the first page of the W-4. Those who plan to itemize deductions should complete the Deductions and Adjustments Worksheet on page 2 and those with two jobs or a spouse who works should complete the Two-Earners/Multiple Jobs Worksheet on page 2 also.
If you still need help, the IRS Withholding Calculator tool will help you determine your allowances.
2015 Withholding Calculator