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!
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!
Response by poster: 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
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
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
posted by Tomorrowful at 12:47 PM on January 29, 2009
This thread is closed to new comments.
posted by zachlipton at 12:08 PM on January 29, 2009 [2 favorites]