Tag Archives: W-4

Value of Exemption

Today TaxMama® hears from BBall in the TaxQuips Forum, with a common issue. He is trying to understand whether he should claim zero or 1 on his W-4 – and what affect that will have on his paycheck.

From 1099 to W-2

Today TaxMama hears from Trisha in the TaxQuips Forum with good news. She says, “Recently I took a contract job starting out as a 1099 self-employed contractor. After 6 weeks, the company asked me to come on board permanently as a W-2 employee. I was taking out my own taxes for the first 6 weeks […]

New Baby New W-4

Today TaxMama hears from Lindsay in the TaxQuips Forum, with the right question at the right time. “I need to find out how to fill out a new W-4 since I recently had a baby. I had a baby in September. I am single, with one job. Should I claim 2 on my W-4, and […]

Tax Cuts for Wage-Earners

Today TaxMama hears from Chris in the TaxQuips Forum, who puts out a challenge to TaxMama. He says, “Tax mama has advice for business owners. But how does an individual get more money on their paychecks?”

Paying the Piper, or Five Simple Steps to Filling Out Your W-4

Changing Your Payroll Withholding Right about now, if you haven’t already done it, you should be thinking about updating your current year’s paycheck withholding. Once upon a time, a tax professional was asked by an Enrolled Agent to write an article about how to do the proper computations to determine what exemption and dependent amounts […]

Bankrupt Without W-2

Today TaxMama hears from Andrew in TaxQuips forum, with this problem. “I worked for a company that went bankrupt; now I’m not getting a W-2. I didn’t keep my final pay stub. I have no way of knowing how much I made while working for the company. What now?”

2010 Child Tax Credits

Today TaxMama hears from Mark in Pennsylvania, with a good question. “Is the Child Tax Credit of $1000 per child still in effect for 2010? I have 5 kids that qualify for the credit and I changed my W-4 to exempt several years ago since I continue to get a large refund. I need to […]

Withholding and W-4

Today TaxMama hears from Ron in Wisconsin who tells us. “I just got a job working full time for a salary of $18,000 per year. My wife does not work. We have 4 kids at home. How many dependents may I claim on my W-4 to avoid losing a bunch of money every week in […]

Deducting Wife’s Taxes

Today TaxMama hears from Ross in NJ who wants to know. “My wife is self-employed and I am employed at an office. We were told that I could adjust my W-4 to cover her estimated taxes, thereby eliminating the need to make quarterly payments. Is this correct? If so, how do we do that?”

99 Dependents

Today TaxMama hears from Bob in Plainfield, IL who tells us, “I am married filing jointly. My wife stays at home with our 3 children. I currently claim 12 allowances on my W-4 and still get money back at tax time. TurboTax recommended I increase my W-4 allowances to 99 and increase my 403(b) contributions […]