Home Page link  

number of allowances on paycheck

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
number of allowances on paycheck longoja 02-19-2007
Posted by longoja on February 19, 2007, 8:26 pm
Please log in for more thread options
 I'm trying to find information on how the number allowances
you claim on your paycheck, affects the federal taxes
witheld. I am currently claiming 2, and am getting too much
taken out of my check still, and got back too large of a
refund. I would like to balance this out a little better.
Is there a % on how each time you add an allowance, x% less
will be taken out?

Thanks

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Rich Carreiro on February 20, 2007, 6:57 pm
Please log in for more thread options
 longoja@yahoo.com writes:

> I'm trying to find information on how the number allowances
> you claim on your paycheck, affects the federal taxes witheld.

Download Publication 15 from www.irs.gov and turn to the
section on "Percentage Method of Withholding". It has
all you want to know.

--
Rich Carreiro rlcarr@animato.arlington.ma.us

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Ernie Klein on February 20, 2007, 6:57 pm
Please log in for more thread options
longoja@yahoo.com wrote:

> I'm trying to find information on how the number allowances
> you claim on your paycheck, affects the federal taxes
> witheld. I am currently claiming 2, and am getting too much
> taken out of my check still, and got back too large of a
> refund. I would like to balance this out a little better.
> Is there a % on how each time you add an allowance, x% less
> will be taken out?

There is a withholding calculator on the IRS website that
will walk you right through it.

http://www.irs.gov/individuals/article/0,,id=96196,00.html

--
-Ernie-

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by bono9763@yahoo.com on February 20, 2007, 6:57 pm
Please log in for more thread options
long...@yahoo.com wrote:

> I'm trying to find information on how the number allowances
> you claim on your paycheck, affects the federal taxes
> witheld. I am currently claiming 2, and am getting too much
> taken out of my check still, and got back too large of a
> refund. I would like to balance this out a little better.
> Is there a % on how each time you add an allowance, x% less
> will be taken out?

See IRS Pub. 15 (Circular E) for details on withholding.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Similar ThreadsPosted
W-4 Number of Allowances July 18, 2007, 5:12 am
Un-paid Paycheck April 5, 2008, 7:15 am
Allowances Question August 28, 2008, 4:43 pm
Question about EIN / Tax ID number February 21, 2007, 6:28 pm
How to number fiscal year? February 22, 2008, 10:23 am
1099 without having a social security number December 3, 2007, 5:23 pm
Claiming the correct number of excemptions for federal tax? October 2, 2007, 12:10 pm
Daytime phone number on 1040 required? January 4, 2008, 5:35 pm
Foreign wife (MFS) need social security number March 10, 2008, 10:53 am
Penalty for mistake with bank acct number - forgiveness possible? May 29, 2007, 10:45 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap