Question:
again, my husband screwed up on last years W4 form. I am changing it now so we hopefully will break even and not owe anything. I am checking the box for married but withhold at a higher single rate. If I chose 5 allowances, does that mean they are going to keep even more money from his weekly checks? Please explain this to me!
Answers:
I don't know what your bills are like or how much you make but I personally have 2 children and a wife. I claim single with 1 dependant and have an additional $5 taken out a week. But I also make 65K + and have many write offs, My wife also works and at the end of the year we get back approx 12K
The FEWER the withholding allowance that you claim, the MORE money will be withheld from your pay.
Go here for some handy payckeck estimators: http://www.paycheckcity.com You can "slice & dice" the numbers to get a good idea of how much will be withheld.
The lower the number of allowances on a
W-4, the more they withhold. So if you show 5, then they will withhold a lot less than if you show zero. Don't claim more allowances than you are entitled to. Use the worksheets that come with the form.
Edit: Just saw your previous question, saying he'd claimed 3 last year. If that was too many so you ended up owing, claiming 5 now, even with the "withhold at single rate" box checked, will probably get you in even more trouble!
The more allowances you claim, the less tax is withheld. If you want them to withhold more tax, claim LESS allowances, not more.
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