How much more do they take out if you claim 0 rather than 1?

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[Golbez-RG-]
02-19-2003, 12:07 PM
I want a bigger income tax return. :(

SuicideSnowman
02-19-2003, 12:09 PM
I filed 0 and got about $1800 back. :)

[Golbez-RG-]
02-19-2003, 12:10 PM
I filed 1 and got like $900 back, I want more. :(

If I file 0 is it gonna be taking like another $100 a paycheck out or some ****? I dont want to do it if its more than like $30 or $40 a paycheck

MaD_ReBeL
02-19-2003, 12:10 PM
Originally posted by [Golbez-RG-]
I want a bigger income tax return. :( uhmm why give the government a tax free loan?

[Golbez-RG-]
02-19-2003, 12:11 PM
Cause I get it back then I can spend it on cool ****.

MaD_ReBeL
02-19-2003, 12:24 PM
Originally posted by [Golbez-RG-]
Cause I get it back then I can spend it on cool ****. and if you hadnt given it to them in the first place?

gabe
02-19-2003, 12:48 PM
how about instead have a little discipline and put that money into a bank account each paycheck.. then you get interest and can take it out for an emergency!

we call it saving!

Empirion
02-19-2003, 12:52 PM
Yah, I don't understand why people would want the government to hold thousands of dollars from their paycheck intrest free.

I prefer to end up paying as long as it is not to big of a suprise.

MaD_ReBeL
02-19-2003, 12:54 PM
i owe 140 bucks to the gman. i claim 0 :(.

i fall into a nice bracket where they **** me in the goat ass for being relatively successful for someone my age :(.

NoGodForMe
02-19-2003, 12:56 PM
I also claim 0 and got 1800 back but I also have a kid and file as head of household.
It won't be an extra $100 taken out. More like $15. I'm estimating the differance will be $800, just a guess.

Ignore the people saying you should put it in the bank and invest. People don't do that. It slips thru their fingers. Plus interest at banks is 1% and the stock market is tanked. Goto HR, get a W4, and set the exemptions to 0.

MaD_ReBeL
02-19-2003, 01:06 PM
Originally posted by NoGodForMe
I also claim 0 and got 1800 back but I also have a kid and file as head of household.
It won't be an extra $100 taken out. More like $15. I'm estimating the differance will be $800, just a guess.

Ignore the people saying you should put it in the bank and invest. People don't do that. It slips thru their fingers. Plus interest at banks is 1% and the stock market is tanked. Goto HR, get a W4, and set the exemptions to 0. worst advice ever.

its not rocket science why 98% of people are flat broke at 65 years old.

marantz
02-19-2003, 01:10 PM
Originally posted by MaD_ReBeL
worst advice ever.

gabe
02-19-2003, 01:14 PM
Originally posted by NoGodForMe
Ignore the people saying you should put it in the bank and invest. People don't do that. It slips thru their fingers. Plus interest at banks is 1% and the stock market is tanked. Goto HR, get a W4, and set the exemptions to 0.

people without DISCIPLINE let it slip through their fingers.. duh

LoS-Primal
02-19-2003, 01:19 PM
I choose to claim 0, I'm getting $1900+ from federal, and $500+ from state. I save anyway, and it's a nice little chunk of change at the end of every year. Now, when I buy a house in the next couple years, it'll be even better.

Some people can claim 1 and actually do something with the extra $30 or so they get each paycheck, but being realistic, most can't.

MaD_ReBeL
02-19-2003, 01:24 PM
Originally posted by LoS-Primal
I choose to claim 0, I'm getting $1900+ from federal, and $500+ from state. I save anyway, and it's a nice little chunk of change at the end of every year. Now, when I buy a house in the next couple years, it'll be even better.

Some people can claim 1 and actually do something with the extra $30 or so they get each paycheck, but being realistic, most can't. most dont.

1) you can claim up to 99 exemptions.

2) nothing forces you to spend money

3) if you claim 0 thus getting lots of money taken from you, how can you not save money if you claimed more exemptions? you would be finding a way to live without this extra money. yet youre telling me that if you did have it you wouldnt be able to save it?

wow, just wow. you could be investing 2400 dollars a year in something. be it CDs, bonds, hell even a savings account is at least making you SOME money.

LoS-Primal
02-19-2003, 01:29 PM
Originally posted by MaD_ReBeL
most dont.

1) you can claim up to 99 exemptions.

2) nothing forces you to spend money

3) if you claim 0 thus getting lots of money taken from you, how can you not save money if you claimed more exemptions? you would be finding a way to live without this extra money. yet youre telling me that if you did have it you wouldnt be able to save it?

wow, just wow. you could be investing 2400 dollars a year in something. be it CDs, bonds, hell even a savings account is at least making you SOME money.

Rebel, chill. My statement is an opinion, you have yours as well. When I said "can't", I mean that most people will just spend that money. It's up to each person to assess their ability to manage their money and decide what works best for them. I invest in my companies 401K, I have an IRA that I invest in, I have money automatically deducted from my paycheck to put in savings. I personally know that if I claimed 1, I would just spend that money. So "I" choose to claim 0 feeling confident that I am taking other measures to secure my retirement.

MaD_ReBeL
02-19-2003, 01:32 PM
:lol: so your companies 401k is what youre basing your retirement on?

again, there is a reason 98% of the people are broke at 65.

also, what youre saying is essentially this.

"please, someone else manage my money. please take care of my future and my retirement. im too lazy and dont have the self discipline to do it for myself".

LoS-Primal
02-19-2003, 01:49 PM
Originally posted by MaD_ReBeL
:lol: so your companies 401k is what youre basing your retirement on?

again, there is a reason 98% of the people are broke at 65.

also, what youre saying is essentially this.

"please, someone else manage my money. please take care of my future and my retirement. im too lazy and dont have the self discipline to do it for myself".

Maybe you missed the part about savings and IRA??? Whatever, I'm not going to argue this with you.
To everyone else, know yourself and you money managment abilities.

NoGodForMe
02-19-2003, 02:24 PM
The extra $15 they take out a week isn't gonna kill your savings plan. I make enough that I can save, which I do.
I've had my IRA since 20, put 2k a year in there. I also have mutual funds and live way below my means.
I don't know how to explain this, but it's just nice to get a big refund check at tax time. People always say, "What did you get?" and it's nice to say $1800. Then when that check comes it's like a bonus.

SureShot
02-19-2003, 02:26 PM
Originally posted by MaD_ReBeL
i owe 140 bucks to the gman. i claim 0 :(.

i fall into a nice bracket where they **** me in the goat ass for being relatively successful for someone my age :(.

haha, age is not a factor till you are over the age of 65.