I make 42k should i claim 1 or 0 on my w2, i have no dependents and im filling single?

Question

will claiming 1, result in me paying back to the government?

Answer 1

Claim 10. That'll mean that your employer will take less withholding from each paycheck, leaving you with more of your wages to spend or invest as you determine. Minimizing your tax contributions throughout the year means you'll have to be responsible enough to save the money yourself and be able to cover your tax liability come April 15.

The amount of annual income taxes you owe is not affected by payroll tax withholding. So you can let the IRS keep your money in a year-long holding account so they'll already have most or all of your tax bill covered. If you get a refund, just remember that amount is how much EXTRA money they held beyond your tax liability ALL YEAR LONG.

I prefer to control my own interests and can manage well enough budgeting for my annual income tax bill. I can earn interest and dividends IF I keep control of my money. You get no interest or dividends on payroll tax withholding. NADA, ZILCH. The IRS (NOT YOU) enjoys the benefit of your tax dollars all year up to April 15.

High payroll tax withholding is plain irresponsible to your financial well-being.

Unnderstand?

Answer 2

If all your income is wages from one job, then by claiming 1 on your W-4 you should about break even.  But if you have more than one job, or investment income, then you should claim 0.  

If you have substantial income from other than wages, you may want additional tax taken out over and above what is taken out for 0 allowances.

Answer 3

In general you should be OK claiming either and not having to pay when tax time comes, but there are a lot of other things that come into play.  The W-4 worksheet http://www.irs.gov/pub/irs-pdf/fw4.pdf?p... starts with 1 exemption for yourself, i the simplest situation.  

Where it gets more complex is if you have additional income (side jobs, gambling winnings, etc) or additional deductions (home mortgage interest, donations, etc.).

Answer 4

If you claim 1, you shouldn't have to pay unless you have two jobs, or have significant other income that hasn't had tax withheld, like maybe investment income.