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  #11 (permalink)  
Old 08-01-2015, 05:29 AM
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Originally Posted by ANDYCAB2105 View Post
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



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Old 02-15-2016, 02:50 PM
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Tax write offs

I am a Uber driver and I was wondering if all my receipts for gas, car washes, maintenance repairs, and cell phone are considered a tax write off for 2016 taxes. Thanks for your time.



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Old 02-15-2016, 03:12 PM
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Originally Posted by ANDYCAB2105 View Post
I am a Uber driver and I was wondering if all my receipts for gas, car washes, maintenance repairs, and cell phone are considered a tax write off for 2016 taxes. Thanks for your time.
i think so; The irs'your state tax dept allows you to deduct expenses that are ordinary and necessary for the operation of your business.that is what the IRS/your state tax revenue dept wants taxpayers to keep. However, if you are audited, you need to show receipts for these deductions. So you need to keep receipts for everything you plan to write off when you file taxes for your business.



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Old 02-15-2016, 03:21 PM
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Originally Posted by ANDYCAB2105 View Post
On my w4 I put down married and 5 deductions. Is that asking too much on taxe exemptions?
As said in general you can claim any number of withholding allowance onyour W4 however,to determine how many allowances to claim on w4, you need to consult the W-4 guidelines. Your recommended allowances are based on items such as your status as mfj/your marital status and the number of dependents you claim. The fewer allowances you claim, the more taxes will be taken from your paycheck. At the end of the year, if you have claimed fewer allowances than you were entitled to, you will likely have overpaid and may be due a tax refund
plz visit the irs website here for instruction; https://apps.irs.gov/app/withholdingcalculator/



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Old 02-16-2016, 09:33 PM
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Originally Posted by ANDYCAB2105 View Post
On my w4 I put down married and 5 deductions. Is that asking too much on taxe exemptions?
lt depends ; basically, your withholding allowances are based on items such as your status as MFJ, your marital status and the number of dependents you claim. As mentioned previously, the fewer allowances you claim on your W4, the more taxes will be taken from your paycheck. At the end of the year, if you have claimed fewer allowances than you were entitled to, you will likely have overpaid and may be due a tax refund. On the contrary aslongas you prefer to claim the maximum allowances you believe you are entitled to, you will likely have less income taken from your paycheck each month, but may find that you owe taxes at the end of the year or are entitled to less of a refund. So, your personal decision about withholding allowances depends on your financial preferences / planning ability. If you prefer to maintain control over more of your income and invest it so that it earns interest throughout the year, you may want to claim your maximum recommended allowances. If you choose this path, you need to earmark some of your earnings for any taxes you may owe. If you prefer paying more throughout the year and potentially receiving a refund, youneed to claim fewer withholding allowances on your W4.



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