Herb Smith wrote:

- quote -

Au contraire, mon frere.

Look at the current version of the W4P form which is
structured just like the W4. It even says that no
additional amount may be designated without specifying first
total number of allowances.

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Rich Carreiro wrote:
- quote -

While the above is true, with regards to the IRS version of
the W-4, many companies modify it to include a line for the
specific amount of withholding (without regard for number of
allowances). At least that is true for W-4P forms
(pensions).

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Rich Carreiro <rlcarr[at]animato.arlington.ma.us> wrote:

- quote -

Isn't it easier just to ask for a specific amount to be
withheld in addition to the already-calculated amount?

Seth

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"ed" <edcosoft[at]sbcglobal.net> writes:

- quote -

The W-4 has no such place on it. What it has is
a place to designate a specific *additional* amount
of tax to be withheld.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

MBWeisser[at]gmail.com wrote:

- quote -

First, download a 2006 tax calculator from the web and
estimate your full year taxes from all the income sources
you mentioned. Use your post and last year's 1040 to make
sure you include everything. Then subtract all the
withholding you have ALREADY had taken from your paychecks.
Then divide what's left by the number of paychecks you WILL
still receive this year. Fill out a W-4, which has a place
to designate a specific amount (instead of number of
exemptions), sign it and turn it into your payroll
department.

Take into consideration when dividing by number of
paychecks, how long it'll take payroll to make the change.

Actually you only have to deduct 90%, or within $1,000, of
actual taxes to avoid a penalty for underpayment. As the
year goes on make sure you're on track. You can designate
an "extra amount" any time as all withholding can be
averaged over the year, but do not pay an installment which
cannot be averaged to make up for a past deficiency.

ed

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

MBWeisser[at]gmail.com wrote:

- quote -

You should read through the instructions for the W4.
You can easily pull a copy from www.irs.gov.

You can't get a numerical answer here, as you've not told us
what your deduction are for mortgage/prop tax, other
children, etc.

To put the reply in gerneral terms, an exemption on the W4
is equal to saying "don't tax $3300". Someone with no
mortgage is likely to claim one-three exemptions reflecting
their own exemption and standard deduction. Someone with a
mortgage may have $10,000 in interest and $5000 in property
tax, this might account for 5 (additional exemptions).

If you owe at the end of the year you need to drop the
number, and confirm (via pay stub) that your ammount
deducted for fed tax is enough.

The W4 and employer withholdings won't consider large stock
gains or other external windfalls.

JOE

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

MBWeisser[at]gmail.com wrote:

(snipped

- quote -

(snipped)

That's about 577$ unemployment per WEEK! Which state pays
that much?

ChEAr$,
Harlan Lunsford, EA n LA
Sun Jun 4, 2006

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

MBWeisser[at]gmail.com writes:

- quote -

I would back-calculate.

Step 1:
Download the 2006 Form 1040-ES (the form for computing
and paying estimated tax).

Step 2:
Use 1040-ES to estimate your 2006 total federal tax.

Step 3:
Subtract out what's already been withheld to arrive at
how much more needs to be paid.

Step 4:
Divide by how many paychecks you have left in the year
to determine how much has to be withheld from each check.

Step 5:
Download Publication 15. Go to the section on
"The Percentage Method of Withholding", specifically
the lists of withholding rate brackets.

Step 6:
By trial and error, figure out what number of withholding
exemptions results in having withheld the amount of
tax you calculated in (4).

Step 7:
When your wife starts working again, repeat (1)-(3),
then assign to each of you a share of the result in
(3), then repeat (4)-(6) for each of you.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Ok. So last year when I got a new job I neglected to fill
out the two earner/two job worksheet on the back of the W4.

Needless to say, at the end of the year I owed a
considerable amount of money to uncle sam. Ouch!

I've been trying to get my accountant to tell me HOW to fill
out this form properly so I pay as little as possible.
Here's the rub though... This year many changes have and are
continuing to occur.

I earn around 55,000.

My wife was earning $75,000 but was laid off in late March
and now will earn $15,000 in unemployment until it expires
mid-August.

She is due to have a baby in 2 weeks, so we won't be
collecting unemployment during the time she's unable to look
for work.

In August she will continue her job search and, hopefully,
get another job.

Her mom died and left us a beneficiary IRA from which she is
required to take around $1800/yr.

So how do I fill out the W4? Any help would be appreciated.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >