What should I file?

Question

So I just got a new job. I’m 19 and I need to know what I should file on my W-4s. I know zero takes out the most and I don’t really want that... but I’m not sure if I have much of a choice. I live in Michigan.

Answer

I personally claim 1 and always get a refund back

Answer

It takes out the most but you don’t end up owing at the end of the year on taxes. The higher the number the more you’ll end up having to pay back. If you don’t need it right now then I recommend putting 0 and taking the refund at the end of year. If you do then no more then 1 maybe 2. Or you’ll just be paying a lump sum at the end for taxes.

Answer

I always do zero. It’s easier at tax time to know you won’t owe. I work in Accounting and with the new tax laws starting this year I think it’s safer. 
You’re also so young, try to cut your expenses and contribute 15% to your 401K. Learn to live on less.

Answer

Zero ensures you don’t underpay the government and gives you a higher chance of receiving a refund when you file your income taxes. If you can live on your paycheck with 0 exemptions, I would do that. Claiming 1 doesn’t let you keep much more per check and unless you have dependents or a mortgage etc, I don’t think you should try claiming any more than 1 as you will most likely owe money when you file.

What should I file?

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