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    figtree's Avatar
    figtree Posts: 12, Reputation: 1
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    #1

    Mar 30, 2009, 01:24 PM
    W4 and New Withholding Rules
    Hello.

    I live in NJ and start a job in NJ on April 6th. I have been unemployed for the past year.

    I am trying to calculate how to fill out the W4 so that I come close to breaking even. I'm not sure if the new withholding rules effect how many deductions I should claim to achieve that break even goal.

    I have no deductions (ie: mortgage) and will be filing single, and will be paid biweekly. More than likely I'll take the standard deduction.

    Is there a tax table I can use to calculate the federal and NJ withholding rates?

    Thanks.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 31, 2009, 06:00 AM

    Just fill out the W4 form following the directions and you should be fine. For a single person with one job that means taking two "allowances" on the form. The new withholding rates that just went into effect are designed to basically give you a "pre-rebate" on a credit that will be in the 2009 tax forms, so you don't need to do anything special.

    As for federal tax withholding rates, the IRS has a "withholding calculator" here:

    IRS Withholding Calculator
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