The Small Business Tax Help Blog

Posts Tagged ‘w4’

Question: Will I be exempt from federal withholding now that I’m married?

My employer needs me to fill out a new W4 by Saturday and I’m not sure what to do. I haven’t done my taxes for 2008 yet, so I’m not sure of what to fill in. I got married in 2008, my husband is a full-time student and also works full time, I go to school part-time and have a lot of student loans and also work full-time. Together, we make $91,000 before taxes. Last year both of us were exempt from all withholding and if we were filing separately we would be again. Can anyone help? Thanks!!!!
The majority of married people filing taxes benefit from filing jointly, so we’ll be doing that. We’d lose money if we filed separately because of education and student loan credits.

Answer: So file separately. There is a “Married filing separately” option, you know.

You probably won’t know if you’re both fully exempt still until you fill out the forms though.

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Question: Can you help me out fill the form W 4 2009?

Call me stupid or whatever, but I get confused with this part:

5
Total number of allowances you are claiming (from line H above or from the applicable worksheet on page 2)
6 $
6
Additional amount, if any, you want withheld from each paycheck
7
I claim exemption from withholding for 2009, and I certify that I meet both of the following conditions for exemption.
c Last year I had a right to a refund of all federal income tax withheld bec ause I had no tax liability and
c This year I expect a refund of all federal income tax withheld because I expect to have no tax liab ility.
7
If you meet both conditions, write “Exempt” here

What numbers should I input there? Please help, this is the first time I fill one of these forms.

Website: http://www.irs.gov/pub/irs-pdf/fw4.pdf (The part I’m asking for is almost at the bottom of the first page.

Answer: On line 5 you put down whatever number you have on line H, unless you needed to do the worksheet, in which case you take the number off the worksheet. You haven’t asked anything about how to do the worksheet or how to fill out lines A-H.

Leave line 6 blank unless you used the second worksheet or you have lots of income from sources other than wages.

You don’t say how much you expect to earn in 2009 from all jobs and other sources. Unless we know that we can’t begin to tell you whether you are exempt.

Critics question impact of proposed Longmont airport expansion

The ongoing battle about whether to extend the runway at the Vance Brand Municipal Airport in Longmont is poised to take off again.

Taxes 101 for Your 2009 Income Tax Return

Question: NC Tax Withholding weekly.Help need to fill out form today?

What per cent of your gross income do you with hold from your weekly pay check.on Federal, it already has 10 per cent with held.I am filling out a form.I am married and husband is on SS.Don’t want to have to pay in at the end of the year.Went to IRS.Gov and it was to confussing for my feeble brain.
Thanks Terri, but im sending in a paper for unemployment insurance.Have to send in papers and let them know how much % of NC Tax for weekly gross I want withheld each week.They already have 10 per cent or Federal already check.

Answer: If weekly income is less than $961.54, use $48.08 for each allowance claimed. If $961.54 or more, use $38.46.

If the wage in excess of The income tax to be
allowance amount is: withheld shall be:
Of such From Over- But not over- wage Product
-0-$ 57.69 …………. -0-
$ 57.69 $ 262.02 …………. 6% less $ 3.46
$ 262.02 $1,019.23 ………….7% less $ 6.08
$1,019.23 $1,980.77 ………….7.75% less $13.73
$ 1,980.77 or more………………………….8% less $18.68

For example if you receive $1,000 weekly salary you reduce that amount by $48.08 to $951.92. Next take 7% of that ($951.92 X 7% = $66.63) reduced by $6.08 or a total withholding of $60.55

FACTA Further Erodes Taxpayer Protections Afforded by the Statute of Limitations

The Foreign Account Tax Compliance Act (FACTA) makes three significant changes; the last of which is

Recovery: Making Work Pay – General – June 09

2010 Tax Prep

The calendar has been flipped from 2009 to 2010. That means W-2 forms and 1099’s will be showing up in your mailbox at the end of the month, and a trip to get your taxes done will soon follow. There are some changes you should be aware of as you get ready to file before that April 15th deadl . . .

IRS TAX TIPS: Making Work Pay – Retirees (ASL, Captions & Audio)

Question: Why are no federal or state taxes being taken out of my pay checks? 10 points!!?

I am in college, and I have two part time jobs. At job one, I haven’t had state or federal taxes taken out since January or February. I have been working there for about 5 years, and I have always had federal and state taxes taken out.

I started working at job two in May of 2009. Federal and state taxes were only taken out for a few months. I filled out a new W-4 form at job two a couple weeks ago, claimed zero deductions, and asked for additional money to be withheld. At job 2, that is the only money being withheld.

I still pay medicare and social security, just not federal and state taxes. According to my yearly income, I should be paying 15% in taxes. Is there some reason, that nothing but the amount I specified is being withheld from my checks?

Thanks!

Answer: Depends on how much you make at each of the jobs. The withholding for each job depends just on what you make on that job, do it might be that for each one of the jobs, you wouldn't owe any tax, especially since each is giving you credit for the $400 Making Work Pay credit even though you'll only get it once when you actually file. You did the right thing by specifying an amount to be withheld.

A look back at happenings in 2009

Jan. 8 Republican Mike Pusley is sworn into office as a member of the Nueces County Commissioners Court. Pusley's victory over Democratic incumbent Peggy Banales in the November 2008 General Election gave Republicans the majority on the Commissioners Court for the first time in Nueces County history.