jaja123ParticipantStatus: PhysicianPosts: 22Joined: 02/04/2019
Started this July. Making ~350 a year. Single, not married. Maxing out on 401k is really only contribution. Living in a high cost of living city with city and state tax. How many allowances a year do you recommend? 1 or 2? More?July 24, 2019 at 10:48 pm MST #233374HankModeratorStatus: AttorneyPosts: 1395Joined: 03/27/2017
Did you fill out pages three and four of the 2019 IRS Form W-4?
How many exemptions did the form tell you to take?July 25, 2019 at 2:43 am MST #233380ENT DocParticipantStatus: PhysicianPosts: 3500Joined: 01/14/2017
Sorry to give the tired answer I always give for this, but I find it more useful to project your tax liability based on your salary and planned deferrals. Break this up per paycheck and give HR an amount per paycheck to go to Fed/State/City. Gets you familiar with taxes and makes sure that you aren’t being overcharged throughout the year.jaja123ParticipantStatus: PhysicianPosts: 22Joined: 02/04/2019
Enter 1 for yourself
Enter 1 if you’re single,
or married filing separately, and have only one job
So 2 based on this. Wouldn’t most single people put down 2 based on this?July 25, 2019 at 6:50 pm MST #233604ZZZParticipantStatus: SpousePosts: 697Joined: 06/18/2018
It’s your 1st year out, so your income will go way up and you’ll end up in the safe harbor as long as you withhold 110% of your prior year tax. So, you could claim a whole bunch of allowances and get a free loan from the IRS until next April 15th.