Brehs y'all y'all claiming 0,1, or 2 on your taxes?

[Apollo Creed]

Claim 1 if you are single and have no children/dependents. If you claims 0 like so many ill informed people they will take out extra taxes out of your check and you will not get all of it back.
For example let's 25% of my check gets taxed when I claim 1 on my W4, and you get 30% of your check taxed when you claim 0. When tax season comes around let's say I get a 15% refund and you get a 17% refund, you got back more money than me but you also did not get back that additional 3% from the extra 5% they originally taxed on your check. So you in fact will be losing money by claiming 0.
You will get less taken out of your check if you claim 2, and I know I got less back from the IRS the one year I claimed 2, but I don't think it was a drastic difference than when I claim 1.

I dont want a refund honestly, I`m cool with owning 2-300 in Taxes if it means I can maximize my take home. I`m going to Claim 2 and see what happens come tax season.

 

[Thsnnor]

does this calculator not take into effect the standard deduction when it makes its decision.

The standard deduction depends on the individual. The calculator doesn't know if you have donations, medical deductions, massive write offs and stuff. Just a bare bones look at what number to file.

If I remember correctly the standard deduction is around 11.4k. If you can't claim more than that pretend it doesn't exist.

 

[CarbonBraddock]

The standard deduction depends on the individual. The calculator doesn't know if you have donations, medical deductions, massive write offs and stuff. Just a bare bones look at what number to file.

If I remember correctly the standard deduction is around 11.4k. If you can't claim more than that pretend it doesn't exist.

I know what the standard deduction is breh, it changes primarily based on filing status. and the standard deduction for a single individual is like 6,000 or some shyt. i was just asking if the calculator put it in there or something because you said something like 'keeping in mind the standard deduction.'

 

[Sauce Dab]

I'm getting money under the table

 

[CarbonBraddock]

I dont want a refund honestly, I`m cool with owning 2-300 in Taxes if it means I can maximize my take home. I`m going to Claim 2 and see what happens come tax season.

if you owe 2-300 in taxes then you did not maximize your take home. are you against putting your info into the calculator or something.

 

[Thsnnor]

I know what the standard deduction is breh, it changes primarily based on filing status. and the standard deduction for a single individual is like 6,000 or some shyt. i was just asking if the calculator put it in there or something because you said something like 'keeping in mind the standard deduction.'

You know what it is in your case. I didn't. I file married joint. It doesn't put it in there due to variables.

 

[Apollo Creed]

if you owe 2-300 in taxes then you did not maximize your take home. are you against putting your info into the calculator or something.

I got a new job so I have no data to input yet.

 

[thatdude954]

What does it mean to claim 0,1, or 2?

 

[CarbonBraddock]

You know what it is in your case. I didn't. I file married joint. It doesn't put it in there due to variables.

It is called 'standard' because it is the same for everyone. it only changes based on how you are filing. there is a chart that you can look at to see what it is.

looks like married filing jointly is 12,600 for 2016, for single people it would be 6,300.

 

[CarbonBraddock]

What does it mean to claim 0,1, or 2?

it changes the amount of money that is taken out of your paycheck which means you will get an amount refunded or owed back or break even at tax time

 

[The Devil's Advocate]

claiming zero is fukkin stupid. why would you let the govt hold your money all year just to give you your own money back

i claim 1, 2 is close to owing and id rather get than owe. its damn near impossible to owe if you claim 1

cause i'm an idiot and i'd spent it otherwise on stupid shyt

 

[Arithmetic]

Wouldn't you like to know

 

[Arithmetic]

the way to break even is to find out your tax that you will owe and have that shyt taken out throughout the year. there is a free tool on the irs website that will let you do it. i claim 3 and i won't owe a goddamn thing.

edit: no one can say claiming 1 or 2 or whatever will make you owe or not without seeing your financial info. the only way to know for sure is to calculate your tax liability and then have enough taken out throughout the year to where it will be paid off at tax time. trust me friend, i am about to graduate with a degree in this boring-ass bullshyt.

So you claim 3, use the irs calculator, then set aside $ throughout the year to cover your inevitable tax liability?

 

[the cac mamba]

cause i'm an idiot and i'd spent it otherwise on stupid shyt

i dont knock people for doing it, its your fukkin money. i guess the 'return' is cool to get a nice hit of extra money

i just cant help but feel like my dad always said, theres nothing heroic about getting a tax return

 

[The Devil's Advocate]

i dont knock people for doing it, its your fukkin money. i guess the 'return' is cool to get a nice hit of extra money

i just cant help but feel like my dad always said, theres nothing heroic about getting a tax return

nah i don't see it as "getting" money... but it's nice when spring hits, vacations are getting planned, i'm living fine on my checks and oh shyt, i forgot i'm bout to get this 5k back

i know if i claimed a 1, i'd spending that extra 80 or so on weed or something else retarded... same reason i send money to my 401k before i even get my check... i'm bad with saving