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RocketScientist · 03-17-2005, 09:33 PM

I just googled over here and had such a great time reading this thread, I registered. Perhaps YOU can answer this seemingly easy question:

What is the formula for finding out exactly how much money one W-4 exemption change will get you?

I like to live on the bleeding edge of my fiscal responsibility to the IRS. They upped the top end recently to owing $1000 (or 10% of the tax?) w/o penalty on your 1040. I got an accursed $250 back this year. I want to be able to change my W-4 so that I pay about $700 (which gives me a buffer). The "Exemption Worksheet" is way too conservative.

03-17-2005, 09:33 PM	#195 (permalink)
RocketScientist Upright	I just googled over here and had such a great time reading this thread, I registered. Perhaps YOU can answer this seemingly easy question: What is the formula for finding out exactly how much money one W-4 exemption change will get you? I like to live on the bleeding edge of my fiscal responsibility to the IRS. They upped the top end recently to owing $1000 (or 10% of the tax?) w/o penalty on your 1040. I got an accursed $250 back this year. I want to be able to change my W-4 so that I pay about $700 (which gives me a buffer). The "Exemption Worksheet" is way too conservative.