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Can I calculate next year's exemptions based on this year's refund/amount owed?
Why would you elect to apply a refund to next year's tax bill?Calculating cost effectiveness of a medical plantaxes, ordinary income, and adjusted cost basis for RSUsHow does per-annum depreciation for taxes work after the first year of depreciation?How can I file this year's tax return if I haven't got the refund from last year's return?Is it ok to stop witholding if this year's witholding is greater than last year's tax owed, which was nothing?Can I file early and use refund for last year's IRA contribution?Can I pay estimated taxes based on last year's taxes if I anticipate more income this year?How Can I Pay Next Year's Property Taxes this YearTax Avoidance: Mixing gains and losses in the same tax year?
Every W4 calculator I've found makes you input a lot of data to figure out what next year's exemptions should be.
Let's say I already take 10 exemptions and I owe, say, $5000 this year.
Is there a simple formula or rule of thumb that would tell me to remove N additional exemptions from my W4 to withhold around $5000?
(For simplicity, let's assume the new exemptions would be applied to the entire new year.)
united-states taxes form-w-4
asked 2 days ago
rrauenzarrauenza
14015
add a comment |
Every W4 calculator I've found makes you input a lot of data to figure out what next year's exemptions should be.
Let's say I already take 10 exemptions and I owe, say, $5000 this year.
Is there a simple formula or rule of thumb that would tell me to remove N additional exemptions from my W4 to withhold around $5000?
(For simplicity, let's assume the new exemptions would be applied to the entire new year.)
united-states taxes form-w-4
asked 2 days ago
rrauenzarrauenza
14015
add a comment |
Every W4 calculator I've found makes you input a lot of data to figure out what next year's exemptions should be.
Let's say I already take 10 exemptions and I owe, say, $5000 this year.
Is there a simple formula or rule of thumb that would tell me to remove N additional exemptions from my W4 to withhold around $5000?
(For simplicity, let's assume the new exemptions would be applied to the entire new year.)
united-states taxes form-w-4
asked 2 days ago
rrauenzarrauenza
14015
Every W4 calculator I've found makes you input a lot of data to figure out what next year's exemptions should be.
Let's say I already take 10 exemptions and I owe, say, $5000 this year.
Is there a simple formula or rule of thumb that would tell me to remove N additional exemptions from my W4 to withhold around $5000?
(For simplicity, let's assume the new exemptions would be applied to the entire new year.)
united-states taxes form-w-4
united-states taxes form-w-4
asked 2 days ago
rrauenzarrauenza
14015
asked 2 days ago
rrauenzarrauenza
14015
edited 2 days ago
rrauenza
asked 2 days ago
rrauenzarrauenza
14015
asked 2 days ago
rrauenzarrauenza
14015
asked 2 days ago
rrauenzarrauenza
14015
14015
add a comment |
add a comment |
2 Answers
2
active
oldest
votes
Circular E, Employer's Tax Guide, aka, Pub 15, contains the tables that payroll uses. Go to the page with your income level, and confirm that your 10 allowances match to the column for withholding per paycheck.
I'd then reduce the allowances accordingly. $5000 is the tax on about $23K (at 22% bracket), so dropping allowances by 6 (each allowance is $4000 or so) is probably what you need to do.
Note : Doug's answer works, too. I'm a fan of first using the allowances to get to the right withholding and using the "withhold more" line to fine tune if still off by a small sum.
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
2
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
add a comment |
If you want your employer to withhold more, you don't want to increase what you are calling "exemptions". (They are officially called "allowances.") If you increased them, your employer would withhold even less, so you would owe more at tax time next year, all other things being equal.
To have you employer withhold more (so you don't owe as much at tax time next year), you can use line 6 of the W-4. Line 6 is "Additional amount, if any, you want withheld from each paycheck". Assuming you have 26 paychecks per year, and you want to have an additional $5000 withheld, enter $192.31 on line 6. ($5000 / 26 = $192.31) Because this year is already well underway, you will have to adjust the denominator to reflect the number of remaining paychecks for this year in order to achieve an additional $5000 of withholding.
answered 2 days ago
Doug DedenDoug Deden
2715
add a comment |
protected by JoeTaxpayer♦ 2 days ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
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2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
Circular E, Employer's Tax Guide, aka, Pub 15, contains the tables that payroll uses. Go to the page with your income level, and confirm that your 10 allowances match to the column for withholding per paycheck.
I'd then reduce the allowances accordingly. $5000 is the tax on about $23K (at 22% bracket), so dropping allowances by 6 (each allowance is $4000 or so) is probably what you need to do.
Note : Doug's answer works, too. I'm a fan of first using the allowances to get to the right withholding and using the "withhold more" line to fine tune if still off by a small sum.
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
2
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
add a comment |
Circular E, Employer's Tax Guide, aka, Pub 15, contains the tables that payroll uses. Go to the page with your income level, and confirm that your 10 allowances match to the column for withholding per paycheck.
I'd then reduce the allowances accordingly. $5000 is the tax on about $23K (at 22% bracket), so dropping allowances by 6 (each allowance is $4000 or so) is probably what you need to do.
Note : Doug's answer works, too. I'm a fan of first using the allowances to get to the right withholding and using the "withhold more" line to fine tune if still off by a small sum.
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
2
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
add a comment |
Circular E, Employer's Tax Guide, aka, Pub 15, contains the tables that payroll uses. Go to the page with your income level, and confirm that your 10 allowances match to the column for withholding per paycheck.
I'd then reduce the allowances accordingly. $5000 is the tax on about $23K (at 22% bracket), so dropping allowances by 6 (each allowance is $4000 or so) is probably what you need to do.
Note : Doug's answer works, too. I'm a fan of first using the allowances to get to the right withholding and using the "withhold more" line to fine tune if still off by a small sum.
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
Circular E, Employer's Tax Guide, aka, Pub 15, contains the tables that payroll uses. Go to the page with your income level, and confirm that your 10 allowances match to the column for withholding per paycheck.
I'd then reduce the allowances accordingly. $5000 is the tax on about $23K (at 22% bracket), so dropping allowances by 6 (each allowance is $4000 or so) is probably what you need to do.
Note : Doug's answer works, too. I'm a fan of first using the allowances to get to the right withholding and using the "withhold more" line to fine tune if still off by a small sum.
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
answered 2 days ago
JoeTaxpayer♦JoeTaxpayer
147k23236475
147k23236475
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
2
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
add a comment |
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
2
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
If you just want to withhold the $5k extra, it seems easier to me just to do it all on the extra withholding line. No need to go to the tables, just withhold $5k/24 (or 12/26/52 based on your pay period)
– Kevin
2 days ago
2
2
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
And that's why I said Doug's answer works. My preference remains.
– JoeTaxpayer♦
2 days ago
add a comment |
If you want your employer to withhold more, you don't want to increase what you are calling "exemptions". (They are officially called "allowances.") If you increased them, your employer would withhold even less, so you would owe more at tax time next year, all other things being equal.
To have you employer withhold more (so you don't owe as much at tax time next year), you can use line 6 of the W-4. Line 6 is "Additional amount, if any, you want withheld from each paycheck". Assuming you have 26 paychecks per year, and you want to have an additional $5000 withheld, enter $192.31 on line 6. ($5000 / 26 = $192.31) Because this year is already well underway, you will have to adjust the denominator to reflect the number of remaining paychecks for this year in order to achieve an additional $5000 of withholding.
answered 2 days ago
Doug DedenDoug Deden
2715
add a comment |
If you want your employer to withhold more, you don't want to increase what you are calling "exemptions". (They are officially called "allowances.") If you increased them, your employer would withhold even less, so you would owe more at tax time next year, all other things being equal.
To have you employer withhold more (so you don't owe as much at tax time next year), you can use line 6 of the W-4. Line 6 is "Additional amount, if any, you want withheld from each paycheck". Assuming you have 26 paychecks per year, and you want to have an additional $5000 withheld, enter $192.31 on line 6. ($5000 / 26 = $192.31) Because this year is already well underway, you will have to adjust the denominator to reflect the number of remaining paychecks for this year in order to achieve an additional $5000 of withholding.
answered 2 days ago
Doug DedenDoug Deden
2715
add a comment |
If you want your employer to withhold more, you don't want to increase what you are calling "exemptions". (They are officially called "allowances.") If you increased them, your employer would withhold even less, so you would owe more at tax time next year, all other things being equal.
To have you employer withhold more (so you don't owe as much at tax time next year), you can use line 6 of the W-4. Line 6 is "Additional amount, if any, you want withheld from each paycheck". Assuming you have 26 paychecks per year, and you want to have an additional $5000 withheld, enter $192.31 on line 6. ($5000 / 26 = $192.31) Because this year is already well underway, you will have to adjust the denominator to reflect the number of remaining paychecks for this year in order to achieve an additional $5000 of withholding.
answered 2 days ago
Doug DedenDoug Deden
2715
If you want your employer to withhold more, you don't want to increase what you are calling "exemptions". (They are officially called "allowances.") If you increased them, your employer would withhold even less, so you would owe more at tax time next year, all other things being equal.
To have you employer withhold more (so you don't owe as much at tax time next year), you can use line 6 of the W-4. Line 6 is "Additional amount, if any, you want withheld from each paycheck". Assuming you have 26 paychecks per year, and you want to have an additional $5000 withheld, enter $192.31 on line 6. ($5000 / 26 = $192.31) Because this year is already well underway, you will have to adjust the denominator to reflect the number of remaining paychecks for this year in order to achieve an additional $5000 of withholding.
answered 2 days ago
Doug DedenDoug Deden
2715
answered 2 days ago
Doug DedenDoug Deden
2715
answered 2 days ago
Doug DedenDoug Deden
2715
answered 2 days ago
Doug DedenDoug Deden
2715
2715
add a comment |
add a comment |
protected by JoeTaxpayer♦ 2 days ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
