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[sloppyjoe_gamer]

Ok, so sometime in the last few years it looks like the Feds updated the format for the W4 to where you no longer are able to input a number to increase or decrease the tax amount they take per check. Right now, i have '1' as my Federal tax number based on the old format and its served me well the last several years as i file single, and i usually get a refund of about $900 or so.

I recently got a nice promotion which raised my yearly salary by 25K. Maybe i'm overthinking this....

Im trying to figure out now if i need to adjust my W4 for 2024, but with the new format i have no idea since i the form is different now. It seems that now if youre filing single, you just fill in basic info and that's it. How do i know that these fuckers will take the right amount of fed tax out and not screw me so i owe at the end of 2024?

 

[ReBurn]

You don't know that your employer will take out the right amount. They can make a mistake. But generally they use tax tables published by the IRS to calculate it. You shouldn't need to update your withholding because your exemptions drive the calculation. If you currently claim one you could change it to zero to have more withheld.

If you want to increase your chance of a refund you can tweak your exemptions and have them withhold more taxes, but that's just giving the government an interest free loan. You're better off setting up a savings account and having your employer direct deposit a portion of your raise into it. That way if your tax burden is larger than the withholding you benefit from the difference. Or pay a couple hundred bucks to a CPA to have them help you understand what your actual tax burden should be and adjust accordingly.

 

[Happosai]

They've always been screwy to me. I've done most of my own accounting but never did with W4s or any tax forms. A tax advisor (CPA) would be your best bet to do this correctly. Just make sure you have digital paperwork of absolutely everything so nothing is withheld unnecessarily. I hired a CPA every year before moving abroad and great timing to get it out of the way this month or early February the latest.