IRS W-4 Forms
May 27th, 2010
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Question: How should I fill out my W-4 form?
I have a full time job and make about $40,000 a year. Me and my wife have a daughter together and got married last June. My wife also has a full time job. The W-4 form has always confused me and I just want to be sure that we don’t end up owing the IRS at the end of the year. What would be the best way to fill out our forms?
Answer: Between you, you can show up to five allowances – one for each of you, one for your daughter, and two for the child tax credit for your daughter. You can’t EACH take five, but can split them up between your two W-4′s.
Be aware that if you claim the full five on your W-4′s total, you could end up owing a small amount when you file your return. If you want to make sure you don’t owe, claim three or four total between you.
New hires save businesses money
To promote employment, the HIRE Act rewards businesses hiring workers by eliminating FICA taxes.
Basic Explanation of W-4 tax Form : What is a W-4 Tax Form?
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