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 Or you can set an amount to be withdrawn each...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
Find job openings in your area. Apply for open job positions today.
Local Positions Open in Your Area. Hiring Now - Apply Today!
$21/hr Start, Avg Pay $72K/yr Check Our Map of the 1700 Openings.
Get College Degree Online Faster than you Think. Financial Aid Options
Other Career Questions
What jobs are there in the business field that are night jobs? Places and job titles please. Im have a BA in Business Admin and looking for a night job, already have a morning/day job.
Enumerate these jobs Say, patent application writting. patent application writing. In a company, what jobs are needed to keep confidential?
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.