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Old 12-11-2009, 01:29 AM
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Smile Federal & State Tax Withholdings?

hi
i'm a 21 year old who has just graduated from Univ making about $48,000 I am supporting my mother full time in which case she is not able to work because health issues. what is the Max number that i could put for my sate & Fed exemptions?

what would be the best way to reduce the amount of tax that i have to pay?


thanks so much



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Old 12-13-2009, 02:13 PM
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You are entitled to claim 2 personal exemptions on your W-4, that is one for yourself and 1 for your dependent. Now, in order to maximise on your taxes, you should maximise your 401k contribution if offerred by your employer. If not, then consider making an IRA contribution for 2009 if you are able to do so financially! The Maximum IRA contribution you can make in 2009 is $5,000.

I understand that many graduating students cannot make these IRA contributions as their financial loan repayment obligations do not allow for these additional financial outlays. But, try and at least open an IRA account and put in at least a minimum contribution.

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