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How much does an exemption leave in your paycheck?
January 29, 2009 12:05 PM   Subscribe

TaxFilter: So I need more monthly income. I'm thinking about upping my exemptions, but I would like to know how dramatically that will effect my tax return. More inside...

I currently claim 0 exemptions on my W-4 form, and I always get a healthy tax return at the end of the year. I am looking to increase my monthly income, and wonder how much would be left in my paycheck (or, how much more would my paycheck show) if I raised my exemptions to 1.

I currently make $45,011.20 / year.
I am paid bi-weekly
Taxes for a 2 week period:
Federal Taxes: 212.16
CA State Taxes: 34.04

Is there any more information necessary to figure this out?
Thanks!
posted by AltReality to Work & Money (4 answers total) 3 users marked this as a favorite
 
For these types of questions, the IRS Withholding Calculator is your friend. We can't really run the numbers for you, as we don't know your filing status, IRA contributions, investment income, etc...
posted by zachlipton at 12:08 PM on January 29, 2009 [2 favorites]


Wow..that withholding calculator looks like just what I'm looking for. Too bad I don't understand half of it. :)

Oh well..I'll do some research and see what I can come up with.

Thanks
posted by AltReality at 12:26 PM on January 29, 2009


I used this recently with good results - http://www.dinkytown.net/java/Payroll.html
posted by TuxHeDoh at 12:42 PM on January 29, 2009


The W-4 itself advises you on how many exemptions to take - IIRC I take 2, and I'm single with a similar tax bracket, and I come out with a near-zero return/bill when Taxes come due.
posted by Tomorrowful at 12:47 PM on January 29, 2009


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