Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-11-2009, 01:29 AM
Junior Member
 
Join Date: Dec 2009
Posts: 1
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



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 12-13-2009, 02:13 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
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.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I send my state seperate from my federal? twistedangel89 Hawaii 0 02-19-2009 03:37 AM
Does Kansas State accept the federal extension for corporations? TaxGuru Kansas 0 01-20-2009 11:33 PM
Does Illinois State recognize an automatic federal extension? TaxGuru Illinois 0 12-26-2008 01:14 PM
Are State tax refunds taxable on Federal tax returns? TaxGuru Income 0 03-31-2007 06:18 PM
Is my State Tax Refund taxable on my federal and state tax return? Amir Income 1 02-11-2007 01:01 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.