I think at 10 allowances it’s pretty much set to have zero taxes withheld lol. 99 would be excessive. At that point though, many just need to claim Exempt if they always receive a refund because of child credit or other large credits. Then again, doing it to skirt the law isn’t on the table for most.That's caring UPS expecting their employees to drop dead, instead of growing a family (adding dependents.)
Even though they switched to the dumb worksheets, I was able to get the W-4 adjusted to withhold the minimal amount. (Unless something has changed.) The IRS has a withholding calculator, but it is probably *.
Certain illegal residents (especially in construction,) were claiming 99 allowances on their W-4s, and then not filing taxes for years. If the IRS came after them, they would just make up a new name & fake-o SS#, then disappear.
Page 48 shows the old method
It’s not even so much a withholding calculator, but you can look at past tax returns and estimate what your tax liability will be
Having the least amount of taxes withheld would be to currently claim married with two jobs.
Triple the amount withheld as someone claiming married one with one job.
Your best bet, use the withholding calculator or a tax estimator to Get and idea of what your liabilities are. It’s not rocket science. If you’re single and make $100,000 a year, you’ll owe $14,774 in taxes. That averages out to about $284 taxen out weekly. Looking at the current tax table, ups would be estimated to take out $274 for a $1923 weekly check. At that point you’re nearly breaking even. That’s a great thing.
Kids are worth $2,000 in tax credits so a single parent could be walking with a $1800 rebate if they stick with their single w4 destination. They could move it to head of household,
Get back $60 more into each paycheck but end up owing $1,000 come tax time. That’s also when you can add in the extra withholdings and withhold $19 to break even
I work with too many bozos who stuck with the old zero allowances and are happy with thousands in overpayment funds. They don’t realize they could withhold less and actually throw that into retirement and also lower your tax liability all in one move. It’s kind of crazy how brain dead many coworkers are with their taxes.
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