W4 Question · PACKERSHOME

Zero2Cool
Elite Member Topic Starter

12 years ago

I went a little spend crazy with the girls before they went to Wisconsin thinking I was good with money. Turns out, I was just spending the money I was going to put in savings that I received from selling my truck. Long story short, money's pretty damn tight right now so I thought I'd revisit my W4 stuff.

I'm not sure what I'm claiming right now, but I used this site and it says I should claim 6. Why? What does this mean? Does it mean I get more per paycheck and then have to PAY in at tax time?

Here's the site I used.
http://www.paycheckcity.com/copcctransition/w4instruction.asp

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DakotaT
Select Member

12 years ago

Do you or your ex wife get to claim the kids for tax purposes? You should claim 1 for yourself plus your dependents. Some people opt to claim 0 so that the IRS takes more withholding so they get a bigger refund. This makes about as much sense as being a Viking fan, but look at how many of those stupid bastards are walking around.

Your exemptions should coincide with how good your money management skills are. If you are a person that spends too much, you may want the IRS to hold out more to cover you at tax time. That bill doesn't go away.

Zero2Cool
Elite Member Topic Starter

12 years ago

Originally Posted by: DakotaT

Never married, I claim Keiana every year and also head of household.

vikesrule
Registered

12 years ago

I still can't believe that I saying this, but listening to the thoughts of that dumbass from North Dakota on this issue might bear merit.

From what I recollect, DakotaT is some kind of tax weenie.
Which does explain him being rather anal in most regards. But perhaps this is the one and only subject that he might actually have some knowledge on.

Zero2Cool
Elite Member Topic Starter

12 years ago

I emailed my sister, who's mother is good with taxes. She said if I claim 6, I should be fine meaning I'll break even or have a small return. She said it'd be best to claim one less, meaning 5 (you're welcome vikesrule) to give me larger paychecks and still will surely give me a return, albeit a small one.

Edit, I'm claiming 4 so I guess I should just leave it alone. If I raise it up to 5, it's only about $60 more a month.

vikesrule
Registered

12 years ago

Originally Posted by: Zero2Cool

Whew...that claiming of 6 sounded scary.

You ever thought of earning a few extra bucks on your own?
You have some seriously marketable skills that could be done from your own home, on your own time.

wpr
Preferred Member

12 years ago

I am self employed so I don't have a W4. I get to pay both halves of SS withholding and do quarterly estimates. If I am wrong I get to pay a penalty or at the very least interest. %(^%#@! gov't.

Wade
Veteran Member

12 years ago

I am self employed so I don't have a W4. I get to pay both halves of SS withholding and do quarterly estimates. If I am wrong I get to pay a penalty or at the very least interest. %(^%#@! gov't.

Originally Posted by: wpr

Doncha love that "self-employment" tax whammy?

"Hi, I'm from the government and I'm here to help you. Now shut up, turn around, and bend over."

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)

wpr
Preferred Member

12 years ago

Doncha love that "self-employment" tax whammy?

"Hi, I'm from the government and I'm here to help you. Now shut up, turn around, and bend over."

Originally Posted by: Wade

Truth. But at least I get to pay for my own health insurance, pension, disability and life insurance. It frustrates me just a bit to watch all the commotion that went on in WI this past Spring. (I don't really want to go there. It has been addressed to death in another thread.)

Vacations? For every day I take off it seems to take two to get catch up. But I can't complain because before I merged my office in with my brother's, I worked with my wife and we did not have any time off other than weekends for about 12 years. At least now I get a week off every once in a while.

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