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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Paycheck deduction question/poll
Do you claim more dependents for a bigger paycheck but the chance you'll pay in April?
Do you do as few dependents so your check is lower but you'll pretty much get money back?
Do you have extra money taken out for deductions to avoid any chance that you'll pay in April?
Why?
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Posted 4/24/07 6:48 AM  |
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CathyB
Member since 5/05 19403 total posts
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Re: Paycheck deduction question/poll
Our accountant advised up to make quarterly pre-payments on top of DH claiming single zero.
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| Posted 4/24/07 6:53 AM |
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jes81276
summer fun!
Member since 3/06 4962 total posts
Name:
Jaime
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Re: Paycheck deduction question/poll
We both currently claim zero, so we get the most taken out...which is nice at tax time. We will probably continue to do this for as long as we can afford the extra money being taken out so we can get a big tax return.
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| Posted 4/24/07 6:55 AM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: Paycheck deduction question/poll
Right now I claim married 0....My DH claims Married 1. Our accountant advised us to do it this way. Seems we did pretty well this April, so until we have to change it, we will keep it this way
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| Posted 4/24/07 7:02 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: Paycheck deduction question/poll
Posted by jes81276
We both currently claim zero, so we get the most taken out...which is nice at tax time. We will probably continue to do this for as long as we can afford the extra money being taken out so we can get a big tax return.
Ditto...or less to pay at tax time 
I know people say its stupid, you are giving the gov't an interest free loan, etc, etc...
BUT, I am a bad saver, and to ME, the gov't is giving me an easy savings program!! 
Message edited 4/24/2007 7:06:43 AM.
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| Posted 4/24/07 7:06 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Paycheck deduction question/poll
this year we got hammered by the IRS because we had no dependents, no house in 2006 and DH and I both got promotions in 2006. Uncle Sam came to our house wanting his money back!!!!! We both claimed single zero, but it didn't help. Our accountant told us that b/c we own a house in 2007, we will be fine!
Message edited 4/24/2007 7:17:00 AM.
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| Posted 4/24/07 7:16 AM |
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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: Paycheck deduction question/poll
Posted by LisaW
Posted by jes81276
We both currently claim zero, so we get the most taken out...which is nice at tax time. We will probably continue to do this for as long as we can afford the extra money being taken out so we can get a big tax return.
Ditto...or less to pay at tax time
I know people say its stupid, you are giving the gov't an interest free loan, etc, etc...
BUT, I am a bad saver, and to ME, the gov't is giving me an easy savings program!!
That's exactly the case with us. We both claim married 0 so that we can get money back at the end of the year. If that money was in my paycheck I'd spend it without thinking. Getting it in one large sum forces me to do something more productive with the money.
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| Posted 4/24/07 7:25 AM |
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CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
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Re: Paycheck deduction question/poll
The lower the #, the more that is taken out.
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| Posted 4/24/07 7:37 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Paycheck deduction question/poll
I claim more exemptions so I get a larger paycheck (4 witholdings). We need the money now, not later, and I prefer to have the money myself, instead of letting the government hold onto it for an entire year - I could make a much better rate of return by investing it myself and then paying my taxes in one lump sum at the end of the fiscal year, which is what we usually end up doing.
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| Posted 4/24/07 7:52 AM |
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CathyB
Member since 5/05 19403 total posts
Name:
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Re: Paycheck deduction question/poll
Posted by Bxgell2
I claim more exemptions so I get a larger paycheck (4 witholdings). We need the money now, not later, and I prefer to have the money myself, instead of letting the government hold onto it for an entire year - I could make a much better rate of return by investing it myself and then paying my taxes in one lump sum at the end of the fiscal year, which is what we usually end up doing.
That's what we were doing, but because we weren't paying the IRS 90% of what we owed throughout the year, we were getting hit with interest fees from them, and we didn't want to pay that on top of what we already owed.
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| Posted 4/24/07 7:56 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Paycheck deduction question/poll
Posted by jes81276
We both currently claim zero, so we get the most taken out...which is nice at tax time. We will probably continue to do this for as long as we can afford the extra money being taken out so we can get a big tax return.
same for us!
I like getting a huge refund when we claim our taxes. Im not the type to put away the extra $100 (or so) a week in a savings acct.
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| Posted 4/24/07 8:03 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Paycheck deduction question/poll
Posted by CathyB
Posted by Bxgell2
I claim more exemptions so I get a larger paycheck (4 witholdings). We need the money now, not later, and I prefer to have the money myself, instead of letting the government hold onto it for an entire year - I could make a much better rate of return by investing it myself and then paying my taxes in one lump sum at the end of the fiscal year, which is what we usually end up doing.
That's what we were doing, but because we weren't paying the IRS 90% of what we owed throughout the year, we were getting hit with interest fees from them, and we didn't want to pay that on top of what we already owed.
Oh yeah, I think we'd reconfigure if that was the case, but fortunately, my husband owns his own company, so he's required to make quarterly estimates to the IRS, so we cover ourselves just enough during the year to avoid having ot pay interest.
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| Posted 4/24/07 8:06 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Paycheck deduction question/poll
We both claim married 2. DH works on commission W2 so he gets slammed on taxes. Also, our tax bracket is just silly. We still get back at the end of the year.
We have two houses so that helps with the deductions but before we owned anything we claimed married 0.
The gov't thinks if you make $60K a year you are rich.
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| Posted 4/24/07 8:52 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Paycheck deduction question/poll
i claimed married 1 and we are getting a great return.
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| Posted 4/24/07 9:33 AM |
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