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    VWVortex


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    Thread: how to get less taxes taken out of my paycheck?

    1. 08-18-2005 09:04 PM #1
      Hey people i need some help, right now I get about 25 percent of my money taken out for taxes on my paychecks, I claim 1, what can I do so, so much dose not get taken out every month? Im single, have a seven month old son, and rent.

      P.S. I dont mind paying taxes, its just every feb. I get alot back and would rather it be spread out every check.


    2. 08-18-2005 10:02 PM #2
      claim more than one.

      (talk to your HR rep and revise your W4.)


    3. 08-18-2005 10:12 PM #3
      how much of a difference will it make if i claim 2 or 3. and is there anything legal i have to worry about? does the irs care if i claim 1 or 5? or is it just as long as they get there money by april. thanks for any help
      right now it seems about 25% or my check is gone, does anyone know how much it will change?

    4. Senior Member
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      08-19-2005 01:37 AM #4
      Quote, originally posted by speeddemon »
      how much of a difference will it make if i claim 2 or 3. and is there anything legal i have to worry about? does the irs care if i claim 1 or 5? or is it just as long as they get there money by april. thanks for any help
      right now it seems about 25% or my check is gone, does anyone know how much it will change?

      Read IRS Publication 15 from http://www.irs.gov to figure out how much of a difference each exemption claim makes on withheld taxes. However, if you can estimate your deductions and credits fairly accurately, the worksheet on the W-4 form may tell you to claim a number that will result in withholding closer to your actual tax bill. Note that under-withholding by a lot can result in penalties (see form 2210 from the IRS web site).

      Since you may be in California, note that the California withholding exemption formula is different. Look for California form DE-4 from http://www.ftb.ca.gov to adjust your California withholding. If you just use the number of exemptions from the W-4 for California state exemptions, it may be wrong. There is also a California publication describing how much withholding changes when the number of exemptions claimed on DE-4 changes.


      Modified by tjl at 10:39 PM 8-18-2005


    5. Senior Member ChrisMD's Avatar
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      08-19-2005 10:32 AM #5
      Quote, originally posted by speeddemon »
      how much of a difference will it make if i claim 2 or 3. and is there anything legal i have to worry about? does the irs care if i claim 1 or 5?

      It's not illegal to claim more exemptions on your W4. You just can't claim anything/anyone that doesn't exist on your actual tax return.

      I had a similar situation to yours where too much was being withheld (37%!) so I just bumped my W4 exemptions up to 4, even though the lame worksheet said I qualified for 1. I still got money back in April. That was a few years ago though.

      Chris
      "All hail Dr. Chris, doctor of money medicine!" --Tornado2dr
      "annuity = financial abortion." --jnm2.0t

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