Ask Experts Questions for FREE Help !
Ask
    larissamintz's Avatar
    larissamintz Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 23, 2008, 02:39 PM
    What should I claim for my taxes?
    Right now I claim single and zero and pay the most in taxes. I'm single rent an apartment in hollywood and I'm 22. I make about 800-1000 a week and get paid every 2 weeks. They take between 450-600 from me in taxes every 2 weeks and I feel that is so much. I can't even afford to fully live when they take out that much.

    I was wondering if claiming something else would work for me but if I would have to pay a lot of money at the end of the year? I don't have anything to really write off at the end of the year and they hardly gave me any money back with how much taxes I pay.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Nov 24, 2008, 08:48 AM

    They should be withholding 6.2% for social security and 1.45% for medicaire, and for federal taxes they should be withholding about $340 on $2000 bi-weekly pay (this is an estimate which will vary depepnding on your actual taxable wages and exemption credits you specified on your W4). You may have other deductions such as state/local income tax, medical and/or detal insurance, life insurance, 401(k) plan, etc. It's impossible for us to say whether the total deductions of %450 - $600 is correct or not without knowing what these other items may be.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Nov 24, 2008, 10:50 AM
    There is also a deduction for California SUI/SDI taxes.

    Claiming SINGLE with ZERO exemptions is TOO MUCH! You shold get a LARGE refund come tax time next year, but that is lending both the U.S. government and California money at zero interest.

    Submit another W-4 (and the California equivalent form) claiming SINGLE with THREE exemptions to reduce the withholding for the rest of 2008.

    Then submit again in January to claim SINGLE with TWO exemptions. That should cover your tax liability for 2009, with you getting a small refund from both the IRS and California.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How to Claim Social Security taxes & medicare taxes [ 1 Answers ]

Hello, I worked on my CPT and OPT from July 2006 to June 2008 and paid Social Security taxes & medicare taxes, how can I claim them back? Thank you.

Taxes on a bankruptcy claim [ 1 Answers ]

As an employee of a company that filed for bankruptcy I had some unsecured general claims for deferred compensation. I sold those claims and declared the full amount of the sale as normal taxable income in the year of sale on my tax return. When the company emerged from bankruptcy they settled...

Should I claim myself or allow my dad to claim me as a dependent on his taxes [ 2 Answers ]

I Am Almost 22 , I Go To Nursing School And Totally Support Myself. I Did Work In 2007 Up Until June. My Dad Is Wanting To Claim Me As A Dependent, But I Think I Would Be Better Off If I Claim Myself. Should I Claim Myself, Or Should My Dad Claim Me? What Is Better For Me?

Do I have to claim 401K on my taxes? [ 4 Answers ]

I started my 401K plan in Oct of 2005. Do you have to claim 401K information on your taxes? When I called Schwabb the other day to increase my contributions a recording noted that the 2006 tax forms would be mailed out on Jan 31st. I'm just confused because I didn't get anything in the mail in...

F1 opt claim ssn and medicare taxes [ 6 Answers ]

Hello, Country of origin: syria I have been in the US since August 2001 on F1 visa. Only left the US for 30 days in August 2002(been in the us since then).. Started my OPT on July 2004. Then started working for a company... Offcourse they deducted SSN, medicare taxes from my paychecks.. ...

View more questions Search