will I owe taxes if I claim 1 in my W4?

With 1 Allowance you MIGHT and then you MIGHT NOT it could be close depending on the numbers that you will have in the Box 2 of your W-2 form for the FIT withheld amounts to be used as TAX CREDIT on your 1040 income tax return during the 2013 tax filing season for this purpose.

Here you go you can try and do your own estimated tax calculations at this time in your life for this purpose since you are the only one that would know all of the needed necessary information at this time.

www.irs.gov website and use the search box for 2012 Form 1040-ES (OTC)

Estimated Tax for Individuals

http://www.irs.gov/pub/irs-pdf/f1040es.pdf?portlet...

Copy and paste the below enclosed website address into your browser address bar for this purpose.

http://www.dinkytown.net/java/Tax1040.html

Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2012. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April 2013.

In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" left the existing tax brackets in place through 2012.

You probably can find an estimated tax calculator for your state income taxes by going to your state income tax department website and use the search box for estimated tax calculator at that time in your life.

I would hope that you do find the above enclosed information useful for your situation and good luck to you with this matter. 12/20/2012

When will people realize that owing a small amount of taxes (under $1k) is actually a GOOD thing? Getting a refund just means that you gave the government an interest free loan...that is NOT a good thing to anyone with marginal personal finance skills.

circulate the the IRS.GOV internet site and run by way of their unfastened withholding calculator for openers. I ran 20K on a submitting unmarried 2009 return and your federal tax owed could be $ a million,184. in case you look at your pay stub and verify the YTD determine for federal tax withholding divide it by utilising seven and multiply by utilising twelve to work out what the entire volume of withhold would be for the 365 days and notice in case you're over or under the $ a million,184?

If you have only one job, one allowance should be ok.

If you have two jobs, or itemize deductions, there are worksheets on the back of Form W-4 that will help you figure out if you should take a different number of allowances, or pay extra each pay period.

Unlikely you'll owe. You might get a few hundred dollars refund.

you shouldn't if that is your only income

single, dependents, non taxable is $9750