"Laker4Life" <FrankieX[at]gmail.com> wrote:

- quote -

I think your problem is that you asked your employer to
withhold from you at the married/zero rate instead of the
single/zero rate. For 2005 and at your gross rate of pay,
withholding at the married/zero rate results in about $185
federal income tax withheld per pay period. Alternatively,
you would have about $282 taken out if you were withheld at
the single/zero rate.

You can see how much you would have withheld based on a
given number of allowances claimed by looking at the wage
bracket withholding tables in IRS Publication 15, (Circular
E), Employer's Tax Guide. Open the link below and scroll to
page 42 for the Single Persons Biweekly withholding table.
The Married Persons Biweekly withholding table starts on
page 44.

http://www.irs.gov/pub/irs-pdf/p15.pdf

Frederick Lorca

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"Laker4Life" <FrankieX[at]gmail.com> wrote:

- quote -

I always recommend using the W-4 worksheet. It should
result in a small refund or balance due.

- quote -

Time out. If you have no children, where did you come up
with two exemptions?

- quote -

We'll leave aside for the moment the question of why in the
world you'd want to give the governments fat interest-free
loans so they could give you back your money in April.

Are you sure you did the return correctly? I ask because of
your statement about deductions. Did you use the standard
deduction?

The other possibility is that your withholding wasn't
correct. If you detailed the amount of each deduction from
your check and told us what your current W-4 claims, we
could check to see whether the withholding is correct. Or
you can check for yourself in IRS Publication 15.

- quote -

A single person with one job and no outside income can claim
two allowances on the W-4.

--
Phil Marti
Clarksburg, MD

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"Laker4Life" <FrankieX[at]gmail.com> wrote:

- quote -

Why do you *want* a refund? That means that you paid too
much in withholding, and the government earned the interest
on it instead of you. Owing a tiny amount is the perfect
situation.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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I just started a new job in Los Angeles, CA and have been
working for over a year. I am very ignorant about W-4s and
taxes etc. How would I go about calculating exemptions and
allowance on the tax form?

I currently make the following:
Gross $1730.77 in 26 pay periods a year.

My exemptions and allowances:
US - 2/0 CA - 2/0

My net - about %1140.00 (after stock purchase plan/PPO
medical etc)

I am a single 25 year old man and after I did my taxes this
year (didn't have many deductions) I ended up owing 70.00
dollars to the govt! I thought if I claimed and exempted
ZERO, I'd get a fat tax refund.

So now I am a bit confused about how I should go about this.
I've been thinking about changing my exemptions to US - 2/2
and CA - 2/2, i'm not sure how to calculate this. I would
love some advice on whether its smarter since I'd get about
200 dollars more per paycheck etc. Any advice would be
great!

Thanks
Laker4Life!

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