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Tjbanc12
Returning Member

Maximize take home pay

Hi, I’m a 28 year old nurse filing single with no dependents. I get paid weekly and I’m struggling to find out how I should fill out my W-4 in order to maximize my take home pay while limiting my tax liability at the end of the year. I gross roughly $2033 per week and I contribute 3% to a pre tax 401k. I tried using the IRS W-4 app and it was saying based on my income that I would be getting a 12k tax return. I would like that money up front but I don’t know what/where to fill in any deductions/credits on my W-4. Thanks for any help!

3 Replies
SoCalGal22
Employee Tax Expert

Maximize take home pay

Hi Tjbanc12

 

I find the TurboTax W-4 Calculator 2022 easier to use, and it will put in the best solution for you:

https://turbotax.intuit.com/tax-tools/calculators/w4/

Use this tool to:

  • Estimate your federal income tax withholding
  • See how your refund, take-home pay or tax due are affected by withholding amount
  • Choose an estimated withholding amount that works for you

Results are as accurate as the information you enter.

What you need:

  • Paystubs for all jobs (spouse too)
  • Other income info (side jobs, self-employment, investments, etc.)
  • Most recent tax return.

 

I hope that answers your question about. Please feel free to give TurboTax a call anytime if you have additional questions or need assistance.

 

Have a great day!

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Tjbanc12
Returning Member

Maximize take home pay

I just started a new job and I’ve only received one pay check so far. Will this calculator still be accurate based on 1-2 paychecks and the information provided?

conniem123
Employee Tax Expert

Maximize take home pay

Hi Tjbanc12,  The W-4 Calculator will not know the income you had from previous jobs.  It is best to compare your 2021 tax due from your 2021 tax return with your year-to-date federal tax withholdings on your last paycheck from your previous employer and the year-to-date federal tax withholdings on your most recent paycheck from your current employer. 

 

If you find you need to have more tax withheld since already in late July you can put an amount on Additional Withholding in Step 4 (c) – Extra Withholdings to be withheld each pay period.

 

I hope you find this helpful!

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