Got a LVN job. I have a question about the W5 form.
- 0Feb 19, '13 by NursingBroI was asked about dependants and I didnt know if I was supposed to put 1 or 0.
I never worked at an actual place before so I dont know anything about these forms. I was always a self employed web designer since I was very young.
I put 1 but I am not sure if that was my best option. Do I lose money by choosing this option and would I get more with 0?
- 0Feb 19, '13 by JustBeachyNurse, LPNThere are instructions at the top of the W4 (I assume you mean W4 by what you describe as I'm not familiar with a W5)form for you to determine what is the best answer for your particular situation. We absolutely cannot answer that for you. If you are still unsure, consult with a licensed CPA or tax preparation professional (as in one authorized by the IRS not necessarily someone trained by H&R Block as a supplemental job).
The form here: http://www.irs.gov/pub/irs-pdf/fw4.pdf It's pretty clear. There are also salary estimators that you can use to figure out what would be of most benefit to you without having you owe taxes (and possibly penalties) for not having enough withheld from your regular paycheck.
- 0Feb 21, '13 by TheCommuter, ASN, RN Senior ModeratorIn reality you can put whatever number you want on that withholding form. I'm single with no children and, in the past, have claimed 9 exemptions on the form in order to take home all of my paycheck. However, you will owe money to the IRS every April if you do this.
You can also claim 0 exemptions, which will result in much of your earnings being withheld, but often generates a refund check when tax time comes.