claiming allowances on upsers.com

pkg handler

Well-Known Member
I just noticed that you said that you are single and enrolled in school. That is why you got all of your taxes back last year and should do so again this year. Keep your withholding at 1.

ok nice.. thanks for the insight.. so if i keep it at 1 i should see it all back .. because last yr was great because of it a pleasant surprise
 

Paid-over-in-Maine

15 more years of this!
I With a family of 4 I claim Married 0 for 9 months. Then in oct.. I switch it to M4. This way I know I don't have to pay in at the end of the year and my checks around the holidays are generally bigger. I know this gives Uncle Sam more of my money but trying to come up with the money to pay taxes with the smaller paychecks after peak can be difficult.
 

UpstateNYUPSer(Ret)

Well-Known Member
I With a family of 4 I claim Married 0 for 9 months. Then in oct.. I switch it to M4. This way I know I don't have to pay in at the end of the year and my checks around the holidays are generally bigger. I know this gives Uncle Sam more of my money but trying to come up with the money to pay taxes with the smaller paychecks after peak can be difficult.

Here's a thought--why not go Married 1 or 2 throughout the year and then set up a payroll deduction to a Christmas club? Your taxes should be covered and you will have money set aside for Christmas.
 

dilligaf

IN VINO VERITAS
Here's a thought--why not go Married 1 or 2 throughout the year and then set up a payroll deduction to a Christmas club? Your taxes should be covered and you will have money set aside for Christmas.
Hey Upstsate, explain this payroll deduction to a christmas club. I am not familiar with this.
 

UpstateNYUPSer(Ret)

Well-Known Member
Hey Upstsate, explain this payroll deduction to a christmas club. I am not familiar with this.

You can have money deducted from your check if you belong to a credit union and set aside in a savings account. My bank has Christmas clubs in which I can set aside an amount for 50 weeks and then withdraw it for the holidays. If this is not an option, you can always set up this type of account on your own and have the money transferred from your personal checking account weekly--serves the same purpose. It used to be UPS did the deductions for free but I do recall reading on BC that they have begun to charge for deductions so perhaps this option may not be the best advice.
 

Paid-over-in-Maine

15 more years of this!
Here's a thought--why not go Married 1 or 2 throughout the year and then set up a payroll deduction to a Christmas club? Your taxes should be covered and you will have money set aside for Christmas.
I'll look into the payroll ded. I wasn't aware of it being available. The bank I have now only allows 4 free transfers per month and I have one set up for my heating oil.
 

Bubblehead

My Senior Picture
You aren't taking "allowances". I hate that term for obvious UPS reasons. In the tax realm they are called exemptions. I agree with the people advising to withhold an amount as close to your tax owed as possible. Uncle Sam doesn't need to hold my money interest free.
 

HEFFERNAN

Huge Member
Xmas clubs were big in the 50's and 60's
Credit wasn't around like it is now, so people actually had to save money to buy presents for xmas instead of taking out their MC/Visa

Wow
This actually sounds relevant to the 2008
Maybe they should come back
 

UpstateNYUPSer(Ret)

Well-Known Member
You aren't taking "allowances". I hate that term for obvious UPS reasons. In the tax realm they are called exemptions. I agree with the people advising to withhold an amount as close to your tax owed as possible. Uncle Sam doesn't need to hold my money interest free.

Sunshine, they are called "withholding allowances" but are more commonly referred to as exemptions.
 

BigBrownSanta

Well-Known Member
Sunshine, they are called "withholding allowances" but are more commonly referred to as exemptions.

Actually they're different.

Withholding, in general, usually refers to a deduction of money (as 'withholding tax') from an employee's wages or salary by an employer, for projected or actual income tax liabilities. (Wikipedia)

A tax exemption is an exemption from all or certain taxes of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone. (Wikipedia)

Withholding is usually taken out of your paycheck, while tax exemptions are claimed on your tax return. Both terms are commonly interchanged although they do not mean the same thing.

Six of one, half dozen of the other...
 

feederdriver06

former monkey slave
You can claim as many as you want. I am single and claim 3 all year until mid October. At that point I switch it to a 9 to try to break even come tax time. Usually works out just as I plan it. Uncle Sam BLOWS!!! Anyone who gets a large refund(thousands)back is doing the wrong thing and doesn't know how to manage their money wisely. Why would you give Uncle Sam,the prick that he is, a no interest loan. He certainly wouldn't do that for you!!!!!!!!
 
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