W4 Form Tax Questions: How many allowances can I claim?

how many tax allowances can i claim

So I just started my new job. I make about 17.31/hour and am trying ot save as much money as possible. Anyway, I over heard some co workers talking about their W4 form and how they "claim" 10 or 5 or whatever. My question is: does anyone else do this? What's the downside? I know you end up owing. show more So I just started my new job. I make about 17.31/hour and am trying ot save as much money as possible. Anyway, I over heard some co workers talking about their W4 form and how they "claim" 10 or 5 or whatever.

My question is: does anyone else do this? What's the downside? I know you end up owing later on but I've recieved a refund every year (granted I havent made more than 40k reportable money until now).

So for example: If i make 37,000/year and put married with 3 on my W4. will I owe a LOT at the end of the year or will I just not get a refund? How much

can I get away with? Single with 3? Married with 1?

All advice is greatly appreciated. Thanks.

Update: Wow great answers. Well, I'm "entitled" to Single with "2" (when I add up line's A-G). I'll just bump it up to Single with 3 allowances and hope I break even. I dont own a home, dont have student loans, or kids. I'm actually trying to save money for a house, etc, haha. Just. show more Wow great answers. Well, I'm "entitled" to Single with "2" (when I add up line's A-G). I'll just bump it up to Single with 3 allowances and hope I break even. I dont own a home, dont have student loans, or kids. I'm actually trying to save money for a house, etc, haha. Just wanted to get the most out of my paycheck. Is there any "magical" number as far as how much I could claim without owing? My YTD Fed taxes are 1308, and I have 14 more paychecks to go. My YTD income is 15980 including OT and bonuses.

Source: answers.yahoo.com

Category: Taxes

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