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Was going through the onboarding process at a new job a few weeks ago and as always the tax part confuses me. I never know what to put...what are these exemptions and allowances? I am pretty sure I put 3 allowances but I have no idea if this is a good or bad thing, or what it signifies. I just know that $150 got taken out of my check -_-
Also, okay so let's say I'm making $775 every 2 weeks, about 1550 every month (net), how much should one person spend on a studio or 1br apartment? I live in a decent sized metro and looking at prices in my area a rent of about 525 seems doable at best so I can add it utilities gas etc hell just fixed a flat tire today. I just also want to be able to save some money but I don't know if that's easy at this pay (11.15 an hour)? The main struggle is not having enough to cover both the security deposit, first month rent, activation fees etc. I don't really know where/how to begin, but I have a haunting sense of impending failure because I have no stable place to stay if this job falls through (which it shouldnt, but you never know..). Anyway, I'm kind of stream-of-consciousnessing it right now getting my thoughts down and seeing if anyone has any advice...I'm quitting smoking to save money I'll say that right now. Would I qualify for food stamps?
You should give the number that gets you closest to how much you actually owe.
if you are single with no kids, I bet following the forms instructions is going to be pretty close.
If you go to 1040 Tax Calculator and you have a pretty predictable income you can get pretty close to how much taxes you will actually owe.
Once you know how much (federal) tax you will owe you can keep adjusting your exemptions until reach that amount. Take a guess or use the guidelines and then adjust it until it's right. Thankfully at my company I don't have to harass people to adjust it. I can do it online. I know that it not always the case which makes it a little awkward to keep adjusting it.
Once you know how much (federal) tax you will owe you can keep adjusting your exemptions until reach that amount. Take a guess or use the guidelines and then adjust it until it's right. Thankfully at my company I don't have to harass people to adjust it. I can do it online. I know that it not always the case which makes it a little awkward to keep adjusting it.
Are you stating you change employees' exemptions yourself, without obtaining their signatures on the W4?
Are you stating you change employees' exemptions yourself, without obtaining their signatures on the W4?
No, I think s/he is saying that they (the employees) can log into their payroll profile on the company's HR portal and change their W-4 whenever they want with a digital signature. This is how it has been at all of my jobs except my current one. Much easier, especially if you want to use your withholding as a method for making estimated payments (since payroll withholding is always considered spread evenly over the year, even if you contributed more at year end, so you can manipulate your withholding to cover additional tax that might be due on investments/rental income/business income/etc.).
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In regards to the original poster, you're not really giving enough information to answer all of your questions. Using the 1040 tax calculator that the OP provided is a great tool to use for filling out/updating your employment paperwork. To make changes, just ask your payroll or HR department how to complete a new W-4. Come tax time, your tax return should be pretty easy since it doesn't sound like you own a home, have any investments, run a business, or have any other complex tax situations. You will likely qualify for free-filing online. You can find online software for this via the IRS website early next year.
Regarding your apartment and living expenses, it's impossible to help you without knowing what city you live in. Cost of living is different all over the country. In researching apartments, you may find that many apartment complexes now offer a non-refundable security deposit. The benefit is that it is a much smaller up-front investment (usually just a few hundred dollars at most), and the detriment is that you never get it back. It's great if you don't have enough saved up for a typical security deposit, but can cost you a lot in the long run if you switch apartments every year. If you plan to stay in one apartment (or at least in the same complex) for several years, this might be a good option.
For where to begin... pull your credit reports. Know before you apply for an apartment or any utilities what your credit looks like. This will have a huge effect on your deposits and ability to get approved. And be sure to read the fine print on your deposits. Know exactly what it will take to get your security deposits back, and start planning now. Take pictures of any and all damages to the apartment BEFORE you move in. Know when you will get your deposit back on your utilities, and how to make it happen. Some are automatic (once a certain period of time goes by, they'll credit your account), some are not until you terminate service, some are after a certain number of months of timely payment (at which point you have to request in writing that the deposit be returned), etc.
You went from asking about filling out your W4 form to asking if you qualify for food stamps, so one question at a time...
If it is just you, I would claim 0. The way we've always claimed allowances on W4's was...my husband would claim the family minus 1. (There were 5 of us all together, so he claimed 4 on his W4). I always claimed 0. We never owed for federal taxes doing it that way (but owed into Montana state almost every year). It came out even most years.
As for SNAP benefits (food stamps), I would do a simple search online (Google "Food benefits for <my state>")...there should be a chart that tells you how much you can gross per month and still be qualified for assistance.
You went from asking about filling out your W4 form to asking if you qualify for food stamps, so one question at a time...
If it is just you, I would claim 0. The way we've always claimed allowances on W4's was...my husband would claim the family minus 1. (There were 5 of us all together, so he claimed 4 on his W4). I always claimed 0. We never owed for federal taxes doing it that way (but owed into Montana state almost every year). It came out even most years.
As for SNAP benefits (food stamps), I would do a simple search online (Google "Food benefits for <my state>")...there should be a chart that tells you how much you can gross per month and still be qualified for assistance.
Actual number - 1 seems to be a good rule of thumb if you don't want to owe in April. I personally always claim the exact number but then owe when tax time comes around, usually only a couple hundred, to both Federal and State. I like having the extra money each paycheck with extra going into a high yield savings account. I then use that money to pay the tax I owe, so its earning interest the rest of the year.
Yes I meant that I can change my own without having to bother someone at HR which is great because I can fine tune it as much as I want without feeling bad about wasting someones time.
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