Tax Stuff

Jun. 22nd, 2007 10:59 am
heimskringla: (Default)
[personal profile] heimskringla
I've never dealt with withholding before. My parents claimed me on their tax return as a deduction when I started working... they haven't for quite a few years now, but I've never adjusted my deductions on my W4. I currently claim 0. I paid about $165 of my current $877 paycheck in taxes, $101 of that federal income tax withheld.

I have two options:

1. Keep allowing them to deduct the full amount and get an IRS-estimated $1500 return.
2. Claim one deduction on my W-4 and get the extra $100 per pay period.

I'm thinking the biggish tax return will be nice considering I should graduate either in May or during Summer '08 depending on how long I feel like remaining an undergrad, and it will be nice to have that money.

If I did claim the deduction, I would probably take the $100 and put it into an interest bearing savings account every month. It wouldn't equate to much, maybe an extra $75 at the end of the year, but it might be a good idea.
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heimskringla

September 2007

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