Help with the W-4 form.

[bbox]

Hey guys I need help on W-4 form. Never filled one out before since this is my first job.

What should I enter for total amount of allowances I'm claiming?
It says enter additional amount,if any that I'll want to be withheld from my paycheck? Should I put 0?
Or should I just claim exception?

I'm a teen, single, and I live with my parents. I was going to put 1 (on the form for the allowances I'm claiming) but I wasn't sure.

I felt it was better to get you guys input on this. Oh, and the position is for the Unloader/Loader. I don't think that matters, but it doean't hurt to put that out here.

Thanks, and this forum looks really helpfull.

 

[UPSGUY72]

Hey guys I need help on W-4 form. Never filled one out before since this is my first job.

What should I enter for total amount of allowances I'm claiming?
It says enter additional amount,if any that I'll want to be withheld from my paycheck? Should I put 0?
Or should I just claim exception?

I'm a teen, single, and I live with my parents. I was going to put 1 (on the form for the allowances I'm claiming) but I wasn't sure.

I felt it was better to get you guys input on this. Oh, and the position is for the Unloader/Loader. I don't think that matters, but it doean't hurt to put that out here.

Thanks, and this forum looks really helpfull.

Can your parent claim you ??? If so mark "0" otherwise claim 1

 

[upsgrunt]

It depends on how much of a refund you want, or don't want, when you file your taxes. Claiming 1 exemption, with no additional withholdings, should get you close to both owing nothing and getting no tax refund when you file your tax return in March. If you want to receive a tax refund, then claim 0 and or have additional withholdings taken out each pay period. You are basically giving the government a interest free loan, but some like to get that refund in March.

Hope this helps.

 

[rod]

Don't "loan" your hard earned dollars to Uncle Sam. If you have a bunch taken out just so you get a larger refund you are just cheating yourself. Uncle Sam don't pay interest on your over payments so all you are doing is giving him an intrest free loan. Claim 1 if your parents aren't claiming you.

 

[brownmonster]

Don't "loan" your hard earned dollars to Uncle Sam. If you have a bunch taken out just so you get a larger refund you are just cheating yourself. Uncle Sam don't pay interest on your over payments so all you are doing is giving him an intrest free loan. Claim 1 if your parents aren't claiming you.

Take the money and put it in the bank at .025% interest instead.