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4 Answers

how many allowances should I put down on my W-4?

Asked by: megan 4894 views YA Discussion

I am a single male and just got a new job and I have never filled out a w-4 form before, I was hoping I can get some help.

I live in New York City but work in Long Island.
I will be making about $ 46,000 in a year
These are the taxes currently being taken out:

federal w/h
state w/h ny
state sdi ny (not sure what this is)

I noticed no nyc tax was taken out.

i did the irs withholding calculator and it told me to put down 6 allowances and this doesn’t seem right, where did they get 6 allowances from? I did the worksheet and got only 2 allowances, being single and having only one job.

and because i put down 2 allowances, will i get a refund next year or will i owe money?

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4 Answers

  1. msc on Aug 19, 2011 Reply

    You get one allowance (exemption) if you live on your own and support yourself. You get another for your spouse if you file jointly and he or she is unemployed. And you get another allowance for each of your children that are living with you. So it sounds like you only have one. More allowances means less tax taken out of your check.

    Actually, though, if you were unemployed for the first half of the year, your employer is probably now calculating your withholdings based on the wrong tax bracket. So claiming more than one allowance would be a way to compensate for that.

    Regardless, you should change it to 1 (or the correct number) in January.

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  2. Bobbie on Aug 19, 2011 Reply

    Very simple single and -0- ZERO would be the best to possible be able to get a REFUND amount in the year 2012.
    Claiming single and 2 might be pushing your luck and you could possibly end owning some income tax when you do correctly complete your 1040 income tax return during the 2012 tax filing season.


    Payroll Withholding Tax Calculator
    This easy to use payroll calculator will help you determine your take home pay. It handles both hourly and salary calculations, federal withholding, FICA (Social security), Medicare, and withholding for all 50 states.
    Gross pay $ 46,000.00
    Federal income tax $ 7,100.00
    Social Security $ 1,932.00
    Medicare $ 667.00
    New York$ 2,276.21
    Net pay (take home) $ 34,024.79

    Effective Withholding Rates

    Federal Taxes
    Federal Income Tax: 15.43%
    Social Security: 4.20%
    Medicare: 1.45%
    Total Federal Taxes: 21.08%

    State & Local Taxes
    New York: 4.95%

    Total Withholding Rate: 26.03%

    Go to the http://www.irs.gov website and use the search box for 1040ES and then go to page 6 also has the 2011 Tax Rate Schedules and page 7 has the estimated tax worksheet available for your use also.


    Copy and paste the below enclosed website address into your browser bar and choose the estimated tax calculator for the 2011 tax year.


    Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2011. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2012. In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the “Tax Hike Prevention Act of 2010″ left the existing tax brackets in place through 2012. Please note that this calculator uses the preliminary 2011 tax tables.
    I used single filing status with 1 exemption for the below estimate for the 2011 tax year.
    Your federal taxes are estimated at $ 5,250.
    This is 11.41% of your total income of $ 46,000. Your total tax payments and refundable credits for the year were $ 0. Your outstanding tax bill is estimated at $ 5,250. Your income puts you in the 25.00% tax bracket.

    I would hope that you do find the above enclosed information useful for your situation and good luck to you with this matter. 08/13/2011

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  3. tro on Aug 19, 2011 Reply

    if the calculator resulted in 6 dependents it is probably considering your standard deduction of approx. $ 8500 as probably 3 more dependents, and you very likely can file single 2 on your income if this is your only job
    oasdi is like SS, probably 4.2%, MEdicare is 1.45%, if you have sdi, State disability insurance, it would be 1% or more

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  4. Judy on Aug 19, 2011 Reply

    If you only worked part of the year, the amount you’d owe would be less than what the W-4 form showed – that’s where the 6 is coming from. If you put down 2, you’ll get a refund when you file for this year. If you leave it at 2 for next year, you’ll be very close to what you owe – a small refund, or owe a little.

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