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Old 05-12-2010, 01:06 PM
 
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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.
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Old 05-12-2010, 02:26 PM
 
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2010 Withholding Calculator

This seems to be a good 'double check' -- PaycheckCity.com | Paycheck Calculator
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Old 05-12-2010, 03:28 PM
 
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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?
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Old 05-12-2010, 05:50 PM
 
Location: Great State of Texas
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Quote:
Originally Posted by evilnewbie View Post
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.
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Old 05-12-2010, 05:58 PM
 
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I think I going to need a CPA now... I need to escape these taxes...
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