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changing from single 0 to single 1?
I currently make $10.35/hr at my fulltime job (40 hrs/wk) I am wanting to switch from single 0 to single 1 for tax purposes. Approximately how much more can I expect a week? More info can be given if needed. Thanks
1 Answer
- Anonymous1 decade agoFavorite Answer
Your personnel department can tell you. Filing a new W4 form from 0 to 1 exemption will reduce your income tax withholding A very rough estimate is about $10 a week more pay.
You should estimate your tax liability and file a W4 so that at the end of the year you have either a very small refund or a very small tax due. A large refund means you are lending money to the government interest free. A large amount of tax due may result in an underpayment penalty.