Question for Tax Experts

H

handxx

Registered Users (C)
Hi

I have a question for the folks who have some knowledge about taxes. I am single and 1 full time and 1 part time job.. For my part time job , I am making really small amount of money in every pay check( 2 week) less than $140 because I only work 1 day a week..

Anyway , when I did my taxes with my accountant , she told me to claim 0 zero for my full time job and keep 1 for the part time job.. I used to claim 1 for my full-time job.

So here is the question, when i used to claim 1 for my full-time job, they were deducting almost $380 in every 2 weeks for Federal, MD State, Medicare and social security. If i claim Zero , my accountant said they will cut more. But , I have no idea how much more ? Is that going to be $50 more or how I am suppose to know the tax difference between claiming 0 and 1 ?

Is there a table or any program that shows based on gross income how much they deduct for taxes for zero claim or claim 1 ? Thanks a lot.
 
Based on how little you make, I'm surprised you would waste money on an accountant.

Since your goal should be to generate a small balance owing at year end (don't be fooled into thinking that a huge refund is a good idea -- it's lending your money to Uncle Sam), you wnat to reduce your withholding as much as permissable.

Use 1 (or more) exemptions at both.

In any event, the link above is of little use to you. What you want is the W-4 calculator, found at

http://www.irs.gov/individuals/page/0,,id=14806,00.html
 
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