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4 Answers

should i claim 1 or zero on w4?

Asked by: livingeditor 788 views YA Discussion

i make around 550 600 a week after taxes. iim single im 23 i live at home….i pay for my car and phone, but i would like to claim 1 so i could save up more money faster. instead of waiting 8 months to get my refund on the money i could use before..but i dont want to owe

4 Answers

  1. Zachary on May 18, 2012 Reply

    Since you dont live with your parents you should put 1 because you take care of yourself. This is my best guess.

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  2. Jacqueline on May 18, 2012 Reply

    You can claim 1 allowance on your W-4 form and you are right to keep your money when you earn it rather than waiting next year and claiming it as a refund.
    Every taxpayer is entitled to one (1) exemption.

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  3. Bobbie on May 18, 2012 Reply

    So when you do not want to owe you really should not claim 1 allowance on your W-4 form for that purpose and time in your life.
    W-4 Employee’s Withholding Allowance Certificate
    Very simple and easy fill in the W-4 correctly and completely and just claim Single and -0- ZERO Allowances and then if they should withhold any amount of $ $ out for the FIT amount as an estimated advance payment of any possible income tax liability that you might have when you correctly complete your 1040 income tax return during the 2013 income tax filing season and you receive your W-2 form from your employer around the middle of January 2013 and if you have a $ $ amount in the Box 2 for FIT you will get a credit for that $ $ amount on your 1040 income tax return and might qualify to get some are all of the withheld amount back as a REFUND amount when you correctly complete your 1040 income tax return print a copy for your records and sign the copy to send to the correct IRS address for processing.


    Here you go you can try and do your own estimated tax calculations at this time in your life for this purpose since you are the only one that would know all of the needed necessary information at this time.
    http://www.irs.gov website and use the search box for 2012 Form 1040-ES (OTC)
    Estimated Tax for Individuals


    Copy and paste the below enclosed website address into your browser address bar for this purpose.


    Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. 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 Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010″ left the existing tax brackets in place through 2012.
    You probably can find an estimated tax calculator for your state income taxes by going to your state income tax department website and use the search box for estimated tax calculator at that time in your life.
    Hope that you find the above enclosed information useful. 05/17/2012

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  4. tro on May 18, 2012 Reply

    with that kind of money and no deductions you probably need to have enough withheld to pay what you will owe
    living at home and possibly not paying any rent, your disposable income should be very adequate, does that mean if you are not paying rent you are letting your parents help you save up money for a nest egg
    go to http://www.irs.gov and find the W-4 calculator to help you

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