What should my allowance be on W4 to increase my tax withholding?
I'd like my withholding of Federal income to be about 15% of my taxable income. Currently 10% is being deducted. This way I'll have a forced savings at the end of the year. I'm single. I think I put down 1 allowance for me only. What should I enter for allowance in order for my withholding to increase to 15%. Assuming 1 job. Are there any tax accountants out there?
Asked By: wordswirth - 2/4/2007
Best Answer - Chosen by Asker
I don't deal in Allowances when im advising clients what to have withheld from their checks. It is fuzzy math. Ask your employer if they will withhold a percentage for federal, safest way if you work a lot of overtime, so if you make more that week they take out more. Or you can set an amount to be withdrawn each... More
Answered By: misskenzie12 - 2/4/2007
Additional Answers (3)
For your exemptions on your w4 put down zero and they will take out more taxes.
Answered By: angeljre - 2/4/2007
I put zero on mine, and they take approx. 18%
Answered By: maerivsa - 2/4/2007
You can change it to zero and you can also specify additional withholding amount as well.....ex, you can request that an extra $10 is withheld in addition to whatever would normally be withheld for taxes.
Answered By: TaxGurl - 2/4/2007
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