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05-07-2008, 01:45 AM
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#1 |
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Registered User
Join Date: May 2008
Posts: 3
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withholding
I just got a good job (ok, better than the one I had). since I am in a low tax bracket and a single father I get more back at the end of the year than I pay in (fed taxes). My old job and my new job pay about the same, but I will have good benefits at the new job. My question is when I filled out the w4 I did it the same as my old job. How come they are taking more fed taxes, (a lot more) in my new job? Last year at the old job i paid in approx. $500 and with the earned income credit I got approx. $2000 back. My new job has a great 401k, for every $1 I put in they put in $3. I would like to reduce the amount (or eliminate since I get it all back plus some) of fed tax I am paying per check and stick that money in the 401k. Can I do this? And how?
Thanks |
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05-07-2008, 02:09 AM
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#2 |
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Registered User
Join Date: Jul 2006
Location: somewhere in texas
Posts: 1,455
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talk to your HR department and file a new W-4 form. this is a self executed form that determines your witholding based on your number of allowances. if you KNOW you will have zero tax liability, then you can ratchet up your allowances (dependents) to 9! this may effectively stop any witholding at all.
once you get your next pay stub, determine how much less you are paying monthly in fed witholding and increase your 401k accordingly. here is some pre-reading for you: http://www.irs.gov/pub/irs-pdf/fw4.pdf http://www.irs.gov/pub/irs-pdf/p919.pdf by the way, i would fill out the forms at home prior to seeing HR. you will need your last tax return to do this most effectively. then, if your HR department helps you when you see them, it might be handy to have your tax return then as well.
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1MO disclaimer: "you didn't give me enough information to answer your question, so my answer might not be appropriate for you. in any case, don't take advice from me or anyone else on this board. it's not our life. it's not our money. you don't know who we are." "also, i am very arrogant. if your feelings were hurt in this message you probably need to get some thicker skin." buy cheap term: www.i'm_a_dufus_for_clicking_here.com Last edited by 1_more_opai : 05-07-2008 at 02:13 AM. |
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05-07-2008, 03:13 PM
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#3 |
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Registered User
Join Date: May 2008
Location: Binghamton, NY
Posts: 37
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I was gonna post these links as well...I think the last post summed it up as helpful as possible.
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Recent college graduate with a concentration in credit counseling. |
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05-07-2008, 11:55 PM
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#4 | |
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Registered User
Join Date: Jan 2007
Posts: 46
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Quote:
I hear heloc is good, but it didn't work for me. You should try it. -www.Never_Pay_Taxes_Again_Legally!_Just_ask_Wesley_Sni pes_for_details.Com |
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05-08-2008, 03:24 PM
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#5 | |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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Quote:
I now think you hit the nail on the head with your assessment. I think we may need to update the Peppy, Jron and JV 17 FORUM.
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"A nickel ain't worth a dime anymore." - Yogi Berra Last edited by Dingobiscuit : 05-08-2008 at 03:26 PM. |
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