New job- How many exemptions should I claim?
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Anonymous
| I just recently started a new job and have received a few paychecks. I claimed zero exemptions and it just seems like there is nothing left in my paycheck after taxes. I have one child and I am not married. I don't want to end up owing money come tax time though. Any thoughts? |
Freeman
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| The IRS has a calculator that can help you figure it out: http://www.irs.gov/Individuals/IRS-Withholding-Calculator |
Anonymous
| If you are bad at saving money for taxes, claim zero. If you are really good at saving money and can accurately assess the amount in taxes you will owe, claim however many dependents you have. |
Anonymous
| Also try paycheckcity.com |
Anonymous
| OP, you really want to figure this out according to YOUR situation. I always thought it was as simple as claiming the number of dependents you have including yourself, plus one for the house. I think for many people this tends to be true and you'll owe a small amount or get a small return, which is ideal. However, after I got married, my husband's self-employed status made things crazy. The first year, I couldn't believe how money we got back. Like 18 grand! (We bought a house and got married, tho, so some of this was one-off). The next year, 11K. I actually talked with the accountant who does our taxes to figure this out. It was about 200 bucks to sit down with him. I actually claim 14 exemptions and each year get or owe less than 500 bucks. |