Ask Experts Questions for FREE Help !
Ask
    jb95136's Avatar
    jb95136 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 30, 2007, 02:02 PM
    What to claim on w4
    Hello
    I live in California and Im tired of getting killed on my taxes each week
    This year I made 92k. I am single, no kids and do not own my own home. I currently claim single 1
    ANy ideas on what to claim on taxes?
    Thanks!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Dec 30, 2007, 02:17 PM
    Ok, getting killed, so at the end of the year when you file, do you get a lot back?? Do you still owe.

    1. you can't change the medicare taxes, that is just a set amount.
    And you are suppose to claim what there really is, if you are single and no dependents, that is what you are suppose to claim,

    But if you are paying a lot in, and getting a big refund check back at the end of the year, you could change your deductions as not to pay as much each week, this will lower the amount of your refund then at the end of the year.

    So it is not as simple as what happens each week, since that is merly payig in toword the yearly taxes, what is happening then.
    lady9732000's Avatar
    lady9732000 Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Dec 30, 2007, 08:30 PM
    I make 57,000 how much taxes should be taken out. I am married now, with two step daughters. Do I claim them and my husband
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #4

    Dec 30, 2007, 11:56 PM
    Quote Originally Posted by jb95136
    Hello
    I live in California and Im tired of getting killed on my taxes each week
    This year I made 92k. I am single, no kids and do not own my own home. I currently claim single 1
    ANy ideas on what to claim on taxes?
    Thanks!
    Seems that you will claim standard deduction. Then for 92K income in 2007, your taxes are
    Social security withheld $5,704
    Medicare withheld $1334,
    CA SDI withheld $552
    Federal Income Tax $17,421
    State Income Tax... (I did not do the calculation)
    For Federal Tax you top income bracket is 28%. So if you put $4000 in Trad IRA, you will save $1,120 in taxes. There is nothing else to claim.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #5

    Dec 31, 2007, 12:03 AM
    Quote Originally Posted by lady9732000
    I make 57,000 how much taxes should be taken out. I am married now, with two step daughters. Do i claim them and my husband
    You can file only as Married Filing Jointly or Married Filing Separately.

    As married filing jointly, your standard deduction is $10,700 and you have four exemptions (you, your husband and two step daughters, if dependent) total $13,600.

    As Married Filing Jointly, your standard deduction is $5,350. You can claim your husband only if he did not have any income in 2007. You have three or four (if husband is also allowed) exemptions of $3,400 each.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Dec 31, 2007, 12:07 AM
    MukatA covered everything; nothing to add.
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!

QUick Claim [ 3 Answers ]

Okay restating the question If my wife quit claim me to the deed of the house that is only in her name with a first mortgage, can I get a second mortgage only in my name. My wife cannot refi because credit score is below 500. My credit score is 560. The house has about $70,000.00 dollars worth...

Quit Claim or Quick Claim [ 4 Answers ]

What is the difference between a Quit Claim and a Quick Claim? Also, the last year of my mothers life she was very ill and lived with me, she signed her house over to me . Now I am going to sell it, do I have to pay taxes on the money I receive? I have heard if you are over a certain age you do not...

Quit claim [ 4 Answers ]

My husband and I purchased a home together 4 months after we were married, but in order to get a better interest rate for the loan, and the title to go through I was asked to sign a quit claim document. Does this mean I have no interest in the home now that we are divorcing?

What should I claim on my W4 [ 2 Answers ]

I am projecting that I will make around 51k this year and my wife should make around 39k. Last year we both claimed Single, 0 on our W4's and filed our taxes jointly. We have 1 child and I was wondering if it would be better for us to change what we claim on our W4. Does anyone have any suggestions...

Who can I claim [ 2 Answers ]

My mom is disabled and has no other income besides SSI. I help her out 50% of the time, can I claim her on my taxes as a dependent?

View more questions Search