[TAXES]W-2 Withholdings...starting a new job

G

gibsonic

Veteran X
Ok, so im starting a new job with a fat salary next week.

I am working on this W-2 form and at them moment I show I should have 12 allowances/withholdings from my paycheck. That seems kinda high since I think I have only 3 or 4 at my current job. However, I do get a decent tax refund each year.

We just had our 3rd child 2 months ago so that is part of the reason for the increase and I don't think i adjusted it after my 2nd child was born 2 years ago either.

so this what i have so far...

single income (wife doesn't work)
3 kids
make just under $80k

w2gibri6.jpg


so if this is what I am suppose to do, my refund or payment should be very small...am i rite?
 
You need a CPA, not a gaming forum. ;)

In theory, if you complete your W-2's as indicated, you should end up with a "net zero" on your 1030. No payment required, no refund issued. That's rarely the case. Though most advise against it, I prefer to pay as much tax as possible, then reclaim that money at the end of the year. It's a little like giving the government an interest-free loan, but it's better than getting ass-raped in April. ;)
 
Sentor said:
"If your income is less than $55k, enter 2 for each child."

You said that you make just under 80, so you should be putting 1 for each kid.

I'm guessing either your salary is under 55k, or you just can't read?
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Guess you missed the part immediately after that which reads ("82,000 if married")...?
 
I am not eligible to give legal tax advice but in my opinion you should also max your IRAs and coverdells, and you might even be eligible for "Head of Household" condition

You should consult a tax specialist
 
KellyMonaco said:
:lol: @ Animo trying to pretend like he knows what he's talking about...
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I said Im not eligible to give tax advice and that he should consult a specialist. Im astonished that you think a W-2 question shows some sort of brilliance. Everyone who has a legitamite job has filed one out.
 
JDizzle4Rizzle said:
I suppose I can foward this to my wife and we'll see what she says.
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that would be swell...

i've read over this a dozen times and i can't see where I am doing anything wrong, but a legit take on it would be nice. 12 seems pretty high to me...but i guess my quiver is getting kinda full these days...:sex:
 
I'm sorry, but she's kinda cocky when it comes to tax (she graduated summa cum laude in accounting, so she's pretty full of herself). Anywho, here is her response:

OK, whatever jackass said he could qualify as a head of household is an idiot. this man is an idiot. He is running the risk of owing money, and if he has three children I doubt he has much cash in reserve. He should scale it back a little in order to be conservative.

Head of household is when you are single with a dependent child. You cannot be married and claim head of household unless your spouse just died.


Sorry she was harsh. :shrug: what can ya do?
 
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