What do I fill out on the w-4 forms?

Question

When I first started my job, I filled out the form as the lady in the office told me too. They weren't taking out very many taxes, so I just assumed it was due to my job being on campus. Then, when tax time came I owed money. I was really upset that the lady in the office told me the wrong information. Now, im trying to fill out the form again, but no one is telling me what I should be filling out, and I've got different answers from everyone.

I have one job, I'm single and I'm under 25. Should I mark 0's or 1's? I want them to hold out as many taxes as possible so I don't owe money next January.

Answer 1

If you are a dependent, claim zero.  If you are NOT a dependent, you should be able to claim one and still not owe.

Answer 2

If your parents can claim you as a dependent, put single/0. If no one can claim you, put single/1.

Answer 3

If you follow instructions on the W-4 it would typically be single/1 if a dependent with 1 job, or single/2 if 1 job and NOT claimed as a dependent.  What Chis L told you would get you more of a refund, but slightly smaller paycheck (the refund would be effectively an interest free loan to the gov't until you file next year).

It depends whether you have other income or deductions.  But if you get it figured out optimally, you would only get a small refund or owe a small amount.  I have mine figured out close enough that I owed less than $150 for 2006 and got a little more than $150 refund for 2007 (not counting stimulus).