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Ok so heres the situation. I live in California. I just graduated from college and I am making 46000 a year. I am single, no property, nothing. I claim myself in my taxes, not my parents. So the question is, I filed 2 for my taxes so every paycheck is slightly bigger since the government doesnt take as much. However, when it comes to april, and I claim what i really am, a one, will i end up paying taxes? thanks
Maybe, maybe not. For most taxpayers in your situation, claiming 2 withholding allowances will just about zero you out with Uncle Sam at filing time. You may have a tiny bill to pay or get a tiny refund. You'll usually be within about $50 either way of even money. This is really the ideal situation. I hate making interest-free loans to the government so I usually set my withholding up to result in a modest debt at filing time. As long as it's less than $1,000 there's no chance of any penalties though there are other ways out of the "penalty box" as well. Personally I shoot for a $500 debt at tax time. It gives me the max in my paychecks on payday and is a managable bill for me to pay at filing time.
For this year, especially if you just have the one job, you are probably Iowa filing 2 if you didn't have much income during the first half of the year. The reason is that they are withholding as if you made the same amount all year, and your total income for the year wouldn't be anywhere near that. You should reevaluate at the beginning of 2008 though, unless you are willing to take a chance on owing when you file in early 2009.
Go to our 1040 tax estimator on our accounting site at htp://www.bcbsinc.com and you can get a general idea. It will not assist with the state though. Sorry. Suggest you review California site for this you may find link on our site for that too. You may have to you may not have to. Sorry we tell you based on your entire situation what would probably be the case but we'd have to charge you. BC Business Services, Inc.
The IRS has a website for you to estimate if you're withholding enough (and what you should change you W-4 to if you are not. Goto: you fill in all the information, it will give you an answer.
Who knows. Depends on what you have for deductions. Here's a website though that should help you decide what to have withheld.