Any tax pros here? Or W4 pros?

So I started a new job, I was asked to fill out a W4. It's been many, many years since I have done this.

How do I fill this out so I can take more money home, but not owe at the end of the year? I don't mind if there is no big refund, just dont want to owe a lot.


They are asking a bunch of questions on lines A - G, then they want me to add those and enter that number on line 5.

I am married, 1 child, we both work.

Any tips.....

I don't know but don't screw it up or you will owe crazy $$ come tax time! 

We JUST finally paid off our tax debt from the past 3 years, and that is after paying $300 a month and using up all of our refund this year! 

Good luck!!!!

Sincerely,

Jim

yeah thats what I am afraid of, but also don't want to take to much out and get a big refund, I' just wondering if there is a sytem in place to balance it out.

I'm no pro, but it depends on what your deductions are at the end of the year, ex. Mortgage, interest, student loans, etc...I'm sure there's a formula to figure it out but ?? When I was last working for an employer, I ended up claiming 6 witholdings on my w2 and after all my deductions I was still getting a little check at the end of year, like 300$, but they were only taking like 8% out of my check every week. .  Good luck dude, you'll figure it out.

I'm no pro, but it depends on what your deductions are at the end of the year, ex. Mortgage, interest, student loans, etc...I'm sure there's a formula to figure it out but ?? When I was last working for an employer, I ended up claiming 6 witholdings on my w2 and after all my deductions I was still getting a little check at the end of year, like 300$, but they were only taking like 8% out of my check every week. .  Good luck dude, you'll figure it out.

Ditto 1 child, 9 deductions claimed, pay 177.00


Sent from my iPod touch because my computer is crap

yeah it really depends on the number of deductions you have (kids, house, etc) and your combined income (do you, and the wife) foresee making more or less than previous years. Once you know that you can play with the number of dependents to find that sweet spot. Keep in mind any unemployment, etc.

Perhaps a quick call to an accountant may help

If you want to play it safe there is the option of withholding a certain amount each pay period.  I have them withhold $30 per check to ensure I don't owe in April and it has worked out well.