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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Withholding Tax-more money in Paycheck-?
I read on another board that you should never get money back at income tax time and I should be withholding more on my paycheck to get more each week.
I went on the IRS website and they told me I should do 8 on one paycheck and 7 on another.
Does anyone know if this is correct? It seems alot and I don't want to have to owe either.
Help??!!
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Posted 10/22/07 6:40 PM  |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Withholding Tax-more money in Paycheck-?
Bump-No one?
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| Posted 10/22/07 7:34 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Withholding Tax-more money in Paycheck-?
well it is inevitable, one way or another, it's not going to reconcile 100%. there are a million variables. you'll either end owing, or getting back. I don't know anyone who ever finished out a year even.
eta: are you asking about claiming 7 or 8 dependants?
Message edited 10/22/2007 7:36:36 PM.
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| Posted 10/22/07 7:35 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Withholding Tax-more money in Paycheck-?
Posted by SweetestOfPeas
well it is inevitable, one way or another, it's not going to reconcile 100%. there are a million variables. you'll either end owing, or getting back. I don't know anyone who ever finished out a year even.
eta: are you asking about claiming 7 or 8 dependants?
Yes, seems weird to me-??!!
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| Posted 10/22/07 7:46 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Withholding Tax-more money in Paycheck-?
Posted by hazeleyes33
Posted by SweetestOfPeas
well it is inevitable, one way or another, it's not going to reconcile 100%. there are a million variables. you'll either end owing, or getting back. I don't know anyone who ever finished out a year even.
eta: are you asking about claiming 7 or 8 dependants?
Yes, seems weird to me-??!!
unless you have 6 kids, I would not claim 7!
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| Posted 10/22/07 7:51 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: Withholding Tax-more money in Paycheck-?
Don't go to far in the extreme! If you claim 7 dependents, you may wind up owing a lot of money at tax time. Start slow, add 1 or 2 dependents, and see how that works out. Yes, ideally you want to wind up even, but it's usually a little better having the gov't owe you, then you having to find extra money to give to the gov't. Not a lot, but a little extra is nice.
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| Posted 10/22/07 9:16 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Withholding Tax-more money in Paycheck-?
if you're working on a withholding table... the number 7 or 8 ISN'T dependents, it's allowances. which is something completely different.
the reason you were told a refund is not a good thing is because, in essence, you're lending the gov't your money and you're not earning interest on it.
there are a few questions you want to consider:
do you seem to almost always get a SIZEABLE refund??
are you the type of person who is good at saving or are you better at working with a lump sum??
does your life (tax-wise) look like it's going to change, in the next year??
if you have more questions, fm me, i'll be happy to answer them all to my best knowledge.
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| Posted 10/22/07 9:41 PM |
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