Getting The most in my Pocket?

Question

Okay well my problem is with the w-4... I am wanting to get the most out of my paycheck an into my pocket. I am single an have no dependent's, so i was wondering what can i do to maximize my Money in my pocket with out giving a interest free loan to uncle sam... (could i claim pets?...Also)

Answer 1

You can probably claim "2" on your W4.  You should break pretty close to even when you file your return.

No...you can not claim pets on your tax return but you aren't the first person to ask.

Answer 2

If you just have one job, claim 2 and you'll be pretty close when you file - either a small refund or you'll owe a little.  If you have more that one job, claim 1 or zero.

No you can't claim pets.

Answer 3

NOPE

AND if you maximize the amount in your pocket for each paycheck, you can end up owing Uncle Sam bigtime come tax time. . . .the extra amount each paycheck won't really be noticeable, but the extra amount due IRS will be very noticeable

You're single, so no deductions, and may well have to pay some tax rather than get a refund of all you pay in

Best thing you can do to reduce your tax liability is to pay into the 401k at work.  That reduces your taxable income, and gains you matching money from your employer.  If you don't contribute to 401k, then your employer doesn't on your behalf, so you're giving up on free money.  However this is money for your retirement, and you must leave it there to grow until 59 1/2, at which time it should be a nice nest egg.  Take it out early and you lose at least 20%--fool's ploy.