W4

                 
      Let’s help you to not owe taxes at the end of the year or to give you a little more back. If you are one of my customers and you owe after reading I’m going to be upset with you, seriously. This form does impact your taxes at the end of the year rather you want to believe it or not.
     SO WHAT IS A W4? A w4 is a form that your employer gives you when you first start working at your job and it’s the Employees Withholding Allowance Certificate, it tells your jobs payroll people how much federal withholding to tax or hold from your paychecks. Once that form is filled out it will present a SPECIAL number and that SPECIAL shows the number of allowance you have, and by that Special number, they determine your withholding.
     Hopefully, that part didn’t confuse you and your still here. Believe it or not, when I first started doing taxes I still didn’t know what to put for that special number. W4 form

    When going through the paper to figure out this once again a SPECIAL number, you have to count your dependents because that’s where you get your exemptions. That’s a deduction of $4,050 (as of 2016 taxes). An EXEMPTION is basically a reduction of the amount of income that is taxable. if you make XYZ for the year and your have 3 dependent’s they reduce the amount of XYZ. Last year that number was $4,000 it changes each year don’t quote me on this but I want to say by inflation.
    *if you can’t be claimed as a dependent by anyone else but yourself you then get one exemption for yourself. If you are married with 1 kid under the age of 19 then you get three, and so on.

THE MORE ALLOWANCES YOU CLAIM, THE LESS TAX IS BEING TAKEN OUT OF YOUR PAYCHECK.{ YOU HAVE MORE PEOPLE TO FEED SO YOU NEED MORE MONEY OUT OF YOUR CHECK, IS HOW I EXPLAIN TO CUSTOMERS}
     –EACH ALLOWANCE REDUCE THE AMOUNT OF WITHHOLDING
      -NORMALLY YOUR ALLOWANCES ARE YOURSELF, DEPENDANT KIDS, AND YOUR SPOUSE
 
  The number you claim on your w4 doesn’t necessarily have to match the number you claim on your taxes.
Claiming less dependent’s on w4 means that you’re having more tax being withheld which can result in you being a happy person once you file your taxes because you are getting a bigger refund. Also look at it as you’re being the nice considerate person your parents raised you to be and you’re giving your wonderful government an interest-free loan.
If you had a lot taken out and didn’t get it all back lower your withholding. ITS YOUR MONEY AND YOU WANT IT NOW. Vice Versa if you claimed more allowances and didn’t have the means to do so your gonna owe them some taxes and you may be penalized.
       Below I’m going to break it down a little more for whoever I may have confused, or I need to better elaborate so the concept is well understood.

      These are my opinions this is what I would personally do, this is not me saying this is what anyone should do or this is the best thing to do. I AM ME AND YOU ARE YOU, AND THIS IS WHAT I WOULD DO.

ONLY ONE JOB
single one allowance

YOU HAVE A CHILD
add another allowance; for each child (got 4kids do single with 5 one for you and all your children)

SINGLE BUT WORKING TWO JOBS
-single zero; due to more money higher tax rate you need more taken out.

STUDENT NO KIDS, NO SPOUSE UNDER 24 AND PARENTS  CAN CLAIM YOU
-Single zero allowances

MARRIED AND YOU BOTH WORK- I would say whoever is getting paid more or actually have a higher AGI needs should claim.
     .Married and all the allowances (for higher AGI spouse)

      -Married zero allowances(lower paying job)

  

Another thing is you have a new baby or get married start another job I would suggest changing your w4.


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