W-4/Personal Exemptions (withholding, paycheck, taxes, money)

[evilnewbie]

I have a question concerning W-4 forms. How do I find out how much is withheld from my paycheck if I say 0, 1, 2, or 3 exemptions? I know "how much" taxes I am suppose to pay but I am trying to figure out how much they are going to take out when I fill out a W-4 form. Thanks.

[chet everett]

2010 Withholding Calculator

This seems to be a good 'double check' -- PaycheckCity.com | Paycheck Calculator

[evilnewbie]

Wow... taxes SUCK... thanks for the link! Even at zero allowances, I still have to pay more... is it better to underpay and pay the penalty or pay more to not pay the penalty?

[HappyTexan]

Originally Posted by evilnewbie

Wow... taxes SUCK... thanks for the link! Even at zero allowances, I still have to pay more... is it better to underpay and pay the penalty or pay more to not pay the penalty?

It really depends on whether or not you can make more than what the penalty is on that money so it's either a wash or a net gain for you.

I paid last year and thought I was going to get stuck with a penalty but I never got a bill from "the man". (due to stock trading with gains/losses and being hit with amt).

If the penalty is high enough sometimes they ask you either up your withholding or start paying additional to them directly via quarterly payments.

[evilnewbie]

I think I going to need a CPA now... I need to escape these taxes...