Tweet
Hey folks,
So I'm starting my new job on Monday (woohoo!) and am getting things prepared. Got my SSN card, my drivers license, a deposit slip to set up direct deposit. I have my outfit selected and cleaned, etc. I'm nervous but also excited.
One thing I really need advice on, though, is how I should fill out my W-4 form. I'm one of those people who has never quite managed to wrap my brain around it, and don't normally think about it until I show up for my first day on a job and then am too embarrassed to ask my new employer to help me fill it out. But this time I'm not going to let that happen!
In the past I have always just selected the number of deductions based on the number of people in my household at the time. At my last job, for instance, I selected two: one for me and one for my husband. I'd much rather get a tax refund than have to owe anything when I file our taxes. I know that probably goes against the grain here because that refund money could be invested throughout the year instead. But I often feel that if we had that extra money in our paycheck then we might waste it; by contrast, I always use our tax refund ($900 last year) to either pay down debt and/or for investing.
I did some Googling but most of the information I came across was extremely vague ("You should also complete a new W-4 and submit it to your employer if you got a big refund last year" -- but they don't define what "big" is) or just too complicated to understand.
Any advice or suggestions are welcome! Links to sites that spell it all out in plain English would be appreciated, too.
My goal is to be able to bring a completed W-4 with me on Monday, rather than having to fill it out when I get there.
~ Jenney
ps. I tried using the IRS's tax withholding calculator, without success. I can't make heads or tails of that thing, I don't have all the information they're asking for, etc.
So I'm starting my new job on Monday (woohoo!) and am getting things prepared. Got my SSN card, my drivers license, a deposit slip to set up direct deposit. I have my outfit selected and cleaned, etc. I'm nervous but also excited.
One thing I really need advice on, though, is how I should fill out my W-4 form. I'm one of those people who has never quite managed to wrap my brain around it, and don't normally think about it until I show up for my first day on a job and then am too embarrassed to ask my new employer to help me fill it out. But this time I'm not going to let that happen!
In the past I have always just selected the number of deductions based on the number of people in my household at the time. At my last job, for instance, I selected two: one for me and one for my husband. I'd much rather get a tax refund than have to owe anything when I file our taxes. I know that probably goes against the grain here because that refund money could be invested throughout the year instead. But I often feel that if we had that extra money in our paycheck then we might waste it; by contrast, I always use our tax refund ($900 last year) to either pay down debt and/or for investing.
I did some Googling but most of the information I came across was extremely vague ("You should also complete a new W-4 and submit it to your employer if you got a big refund last year" -- but they don't define what "big" is) or just too complicated to understand.
Any advice or suggestions are welcome! Links to sites that spell it all out in plain English would be appreciated, too.
My goal is to be able to bring a completed W-4 with me on Monday, rather than having to fill it out when I get there.
~ Jenney
ps. I tried using the IRS's tax withholding calculator, without success. I can't make heads or tails of that thing, I don't have all the information they're asking for, etc.
By law, I think, they have to accommodate you. This can also allow you to 'dial in' on the right amount by trial and error by submitting what you think is correct, then checking your paystub when it comes.
Comment