I actually have two jobs. One full-time and one per-diem. One job I claim 0 and the other I claim 1 on my taxes. Is it okay to keep like that or should I claim 1 on both or 0 on both?
There are several factors to consider when determining how many exemptions you should claim on your W-4 federal witholding certificate. One is do you have a spouse and dependents to take care of. If you claim 0 exemptions, they will take MORE money out of your check each pay period which leaves you LESS money to take care of your family and houshold expenses. If you claim 1 or more exemptions, you should look at your total houshold income. If your total houshold income is relatively low depending upon how many people are in your household, then claiming 1 or 2 exemptions should not hurt you because you will have several exemptions to use to reduce your taxable income at tax time. By claiming more exemptions you will get more money in your paycheck now, but less money back in a tax refund because you got your money now in your paycheck. Another thing for you to consider is yes by claiming 0 you would get a large refund check. But you are also giving the government the use of your money all year long and they are NOT PAYING YOU ANY INTEREST ON IT. If you are willing to discipline yourself, you might consider claiming 2 or 3 exemptions on your W-4 and instead of getting the money in your take home pay, put it into your 401(K) if you have one. Putting money into you 401(K) will help to reduce your taxable income and help you to save money for your retirement. This will also provide interest on your money by placing it into your 401(K).
I hope this answers your question and helps
you out.
leslielinear@yahoo.com
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Well claiming 0 means you arn't claiming anybody, 1 means your claiming sombody. I was told its better to claim 0 on everything that way you end up paying more then enough taxes and don't have to end up owing taxes at the end of the year, but if you claim a 1 it isn't going to matter anyways.
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Not sure just what you mean by "per diem" – you just work occasionally? If you don't make much on the second job, and they do take out taxes, you're probably OK claiming 0 on your full time job and 1 on the part time one.
References :
There are several factors to consider when determining how many exemptions you should claim on your W-4 federal witholding certificate. One is do you have a spouse and dependents to take care of. If you claim 0 exemptions, they will take MORE money out of your check each pay period which leaves you LESS money to take care of your family and houshold expenses. If you claim 1 or more exemptions, you should look at your total houshold income. If your total houshold income is relatively low depending upon how many people are in your household, then claiming 1 or 2 exemptions should not hurt you because you will have several exemptions to use to reduce your taxable income at tax time. By claiming more exemptions you will get more money in your paycheck now, but less money back in a tax refund because you got your money now in your paycheck. Another thing for you to consider is yes by claiming 0 you would get a large refund check. But you are also giving the government the use of your money all year long and they are NOT PAYING YOU ANY INTEREST ON IT. If you are willing to discipline yourself, you might consider claiming 2 or 3 exemptions on your W-4 and instead of getting the money in your take home pay, put it into your 401(K) if you have one. Putting money into you 401(K) will help to reduce your taxable income and help you to save money for your retirement. This will also provide interest on your money by placing it into your 401(K).
I hope this answers your question and helps
you out.
leslielinear@yahoo.com
References :
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