Deductions on tax forms question

[Fierce Critter]

It's been so long, I can't remember the name of the form you fill out when you start a new job -the one where you put how many deductions you want, etc.

We always go with the # of deductions that will net us more each paycheck, rather than what will get us a bigger refund - we'd rather have more in our pockets weekly.

Jon has to fill that form in Wednesday. How many deductions should he declare? I'm thinking we go with 1 - not 0 or 2.

Memory jog please? Thanks!

[Brenda Starrr]

W-4? Which get you a W-2 at tax time? I think?

[Guest Game of Chance]

Depends on whether you want more more money now...or more money at tax time...I claim 3...and I'm single with no dependents...I usually break even at tax time, but I have a lot of write offs, you probably want to claim 2, unless you're also going to file a schedule C form for your ebay biz...

but i don't give tax advice...i'm a mere investment broker

[Guest Game of Chance]

It's been so long, I can't remember the name of the form you fill out when you start a new job -the one where you put how many deductions you want, etc.

We always go with the # of deductions that will net us more each paycheck, rather than what will get us a bigger refund - we'd rather have more in our pockets weekly.

Jon has to fill that form in Wednesday. How many deductions should he declare? I'm thinking we go with 1 - not 0 or 2.

Memory jog please? Thanks!

<{POST_SNAPBACK}>

The more deductions, the more in your pocket each week...but its estimated, so yeah you pay for it on April 15th...see above post, because I posted an answer without fully reading your question. Sorry for that.

[Fierce Critter]

Yeah, I believe it is the W4.

When I was single, I claimed 1. That gave me more in my pocket and just a small refund, like between $200 and $600.

I believe I also have Jon claim just 1. That usually means about $500 in refunds.

Don't care about a big refund - we don't plan for it. Want more in our pockets, but don't want to risk too little being taken out, so we end up owing.

I think we'll go with 1.