Help me have more of my income withheld for taxes!
April 16, 2012 6:32 AM Subscribe
I'm tired of getting screwed over on my taxes. I have two jobs, one of these jobs will not take taxes out with each paycheck. How do I arrange my other job to take more out to cover this?
posted by royalsong to work & money (19 answers total)
Last couple of years I've owed money in federal taxes because of that second job. This year it took a large chunk of my savings.
I want to avoid this next year. I already set it up with the IRS to take estimated taxes out of my bank account 4 times throughout this year. I want to cover my butt though and have my first job take more out of my paycheck for taxes.
I called our HR and the guy told me to go into our computer system and just "add more exemptions" to the w-4 information they have online. All I see there are "allowances". Is that exemptions? When I poked google about this, it said having more allowances will reduce the amount that's withheld, not increase..
I'm also worried about just randomly changing my allowances without a better idea of what I'm doing. I live pretty much paycheck to paycheck and I don't know the dollar sign differences between 2 allowances (what I currently have) and 1 or 3 allowances. Is there a set number out there somewhere..?
(Also for the online form from my employer, there's a box for "Additional Withholding Amount" that looks like it's strictly dollar signs. I realize this might be my employer only and you might not be able to answer this question, but if i stick, say $20 in that box.. does that mean they take $20 out each paycheck or $20 out over the span of the year?)
How do I make it so the government gets nibbles of my income every paycheck instead of one giant chomp in April?