Anyone good with W-2's?

[tammiandtom 0]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

[Wei&Shu(Joe) 2]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

A W-2 is what your employer gives you at the end of the year. I think what you give your employer is a W-3. It is accompanied by a very clear worksheet that walks you through what to claim but it sounds like, if it is just you and your husband, you would put "married" and "2"

[reeses16 8]

I think you're talking about your W-4, its the form where you indicate your withholding. Try the IRS 2008 withholding calculator: http://www.irs.gov/individuals/page/0,,id=...d=14806,00.html

[victor+natasha 0]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

A W-2 is what your employer gives you at the end of the year. I think what you give your employer is a W-3. It is accompanied by a very clear worksheet that walks you through what to claim but it sounds like, if it is just you and your husband, you would put "married" and "2"

Actually it is a W-4 you have to fill out. What you put down depends if you will have any deductions at the end of the year that will cause you to have a big refund. For example if you will claim a lot of interest on your house, you could add 1 more to the total number, or if you will drive a lot of miles for your job (not to and from work) then you could add 1. If you will not have many deductions then just put down 2.

Edited July 31, 2008 by victor+natasha

[NickD 202]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

A W-2 is what your employer gives you at the end of the year. I think what you give your employer is a W-3. It is accompanied by a very clear worksheet that walks you through what to claim but it sounds like, if it is just you and your husband, you would put "married" and "2"

Didn't understand if you were both working or just your husband. And dealing with the number of exemptions to claim that determines how much your employer will withhold from each paycheck. Can't ever be more than what you legally have, but can be less, and in theory, if you claim the exact number of exemptions you will be claiming on your tax returns, should be close to zero for either amount due or a refund. So if both working, each claim 1 or if your husband is just working, he can claim 2. I personally prefer to owe the government at tax time, stick some money in a savings account and earn a couple of bucks of interest on it.

They charge 1% interest per month on past due taxes, but don't give you a cent if you pay in advance. Not fair.

[reeses16 8]

Sorry, I don't think my link is working. Type "withholding calculator" into yahoo. Select "2008 Withholding Calculator".

Oops here we go. http://www.irs.gov/individuals/page/0,,id=14806,00.html

[tammiandtom 0]

Well my husband was the only one working, so maybe he should change what he had put on his W-4. If he had put a 2, then he should now change it to a 1? I just got hired for a school district to be an elementary librarian, so I will be the one filling out a brand new W-4 for myself. So yes, we both work as of the end of this month, but prior he worked and I was in grad school. If that clears it up. So now I don't know if I put a 1 or a 2! I will check out those caculators though.

Edited July 31, 2008 by Tammi

[Wei&Shu(Joe) 2]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

A W-2 is what your employer gives you at the end of the year. I think what you give your employer is a W-3. It is accompanied by a very clear worksheet that walks you through what to claim but it sounds like, if it is just you and your husband, you would put "married" and "2"

Actually it is a W-4 you have to fill out. What you put down depends if you will have any deductions at the end of the year that will cause you to have a big refund. For example if you will claim a lot of interest on your house, you could add 1 more to the total number, or if you will drive a lot of miles for your job (not to and from work) then you could add 1. If you will not have many deductions then just put down 2.

Oh, yes. W3 is the summary the employer sends to the feds. Sorry

[Wei&Shu(Joe) 2]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

A W-2 is what your employer gives you at the end of the year. I think what you give your employer is a W-3. It is accompanied by a very clear worksheet that walks you through what to claim but it sounds like, if it is just you and your husband, you would put "married" and "2"

Didn't understand if you were both working or just your husband. And dealing with the number of exemptions to claim that determines how much your employer will withhold from each paycheck. Can't ever be more than what you legally have, but can be less, and in theory, if you claim the exact number of exemptions you will be claiming on your tax returns, should be close to zero for either amount due or a refund. So if both working, each claim 1 or if your husband is just working, he can claim 2. I personally prefer to owe the government at tax time, stick some money in a savings account and earn a couple of bucks of interest on it.

They charge 1% interest per month on past due taxes, but don't give you a cent if you pay in advance. Not fair.

I don't believe you'd split the exemptions among them if they both work. If they file one return all their income would be taxed at married with 2 exemptions. If they each put one, all their income will have withholdings based on married one and they'd end up with a refund when the second exemption is applied when they file.

[NickD 202]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

A W-2 is what your employer gives you at the end of the year. I think what you give your employer is a W-3. It is accompanied by a very clear worksheet that walks you through what to claim but it sounds like, if it is just you and your husband, you would put "married" and "2"

Didn't understand if you were both working or just your husband. And dealing with the number of exemptions to claim that determines how much your employer will withhold from each paycheck. Can't ever be more than what you legally have, but can be less, and in theory, if you claim the exact number of exemptions you will be claiming on your tax returns, should be close to zero for either amount due or a refund. So if both working, each claim 1 or if your husband is just working, he can claim 2. I personally prefer to owe the government at tax time, stick some money in a savings account and earn a couple of bucks of interest on it.

They charge 1% interest per month on past due taxes, but don't give you a cent if you pay in advance. Not fair.

I don't believe you'd split the exemptions among them if they both work. If they file one return all their income would be taxed at married with 2 exemptions. If they each put one, all their income will have withholdings based on married one and they'd end up with a refund when the second exemption is applied when they file.

Ha, if one puts 2 the other would have to put 0 so will have withdrawn at a much higher rate, this may be advantageous if one is making a heck of a lot more money than the other in regards to the amount withdrawn. So really no set rule on this, all depends upon the differences income.

If you like USCIS forms and instructions, you will love this IRS W4 instructions, have a blast with it.

www.irs.gov/pub/irs-pdf/p15.pdf

Tax rates are way at the end.

[never2late 0]

Probably not the right place for this, but you guys are all so helpful and knowledgeable .

I got a new job and get to fill out a W-2 next week. I never understand what to put though, what to claim I guess. It's just me and my husband and he has his own job. No kids. I want them to take out enough taxes so that we don't have to pay come tax time. A huge refund isn't ideal either though, because then you are lending the government money interest free.

Anyone?

Thanks!!

I believe you will be filling out a W-4, not a W-2. If your husband is claiming 1, you may want to claim 1 allowance also. The federal withholding (tax) will be just about right for the two of you when you receive your W-2 at the end of the year. If you want to receive a refund, claim 0 allowance.