Where’s the liberty; where’s the independence?
The biggest chunk of your money — 42.2 cents of every income-tax dollar — goes to fund the military. Over half of it, or 28.7 cents, goes to pay for the current war and military, 10 cents goes to interest payments on past and present military debt and 3.5 cents is allocated for Veterans’ benefits. (Photo: AP)
The second largest amount is spent on health care initiatives, including Medicare. (Photo: AP)
About ten cents of every federal tax dollar is spent on interest for non-military related national debt. (Photo: AP)
These funds go to a variety of programs to help the underprivileged. They include food assistance, supplemental income for those with low incomes and assistance for foster care and adoption programs. (Photo: AP)
These funds go towards paying for elementary, secondary and higher education. Other beneficiaries include employment training centers. (Photo: AP)
2011 Withholding Calculator
- Enter 0 on line 5 of your Form W-4.
- Divide $117 by the number of paydays remaining in 2011 and enter the result on line 6 of your Form W-4. This is the extra amount you need to have withheld each payday to ensure that you do not have too little withheld. Assuming 29 paydays remain for a weekly pay frequency, this amount is $4.
- Check the “Single” box on your Form W-4.
Assuming this recommendation is in effect for the rest of 2011, your withholding will approximately equal your anticipated tax, and any refund or balance due should be less than $25.
Tip Be sure to review your withholding at the beginning of 2012 (or anytime there is a change in your tax situation). If you follow the above recommendation and do not check your withholding at the beginning of next year, your withholding for 2012 might be incorrect.
Following is a recap of information you entered on the preceding pages on which the above advice is based. Review this information for accuracy. You may want to print this page for your records. Note: some spaces in the recap table were left blank intentionally. Prepared June 8, 2011.
|Filing Status: Single||Someone else can claim you as a dependent: Yes|
|Number of jobs: 1||Number of dependents: 0|
|Will you be 65 or older 1/1/2012: No||Are you blind: No|
|Child & dependent care credit qualifying persons: 0||Child & dependent care credit expenses:|
|Eligible children for child tax credit: 0|
|Total salary: 15,080||Total retirement plans: 0|
|Tax withheld to date: 0||Projected withholding for rest of year: 0|
|Total earned income other than salary: 0||Other nonwage income: 0|
|Adjustments to income: 0||Total itemized deductions: 0|
Return to the IRS home page
Go to the IRS’s Forms and Publications page where you can find both downloadable and fill-in versions of Form W-4. Remember that you do not have to complete any of the worksheets that accompany the Form W-4. Simply use the information we gave you above to complete the Employee’s Withholding Allowance Certificate, which you can print out and give to your employer.
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Eligibility Criteria (continued):
To be claimed as a qualifying child, the person must meet four criteria:Relationship — the person must be your child, step child, adopted child, foster child, brother or sister, or a descendant of one of these (for example, a grandchild or nephew).
Residence — for more than half the year, the person must have the same residence as you do.
Age — the person must be
- under age 19 at the end of the year, or
- under age 24 and a be a full-time student for at least five months out of the year, or
- any age and totally and permanently disabled.
Support — the person did not provide more than half of his or her own support during the year