31 allowances on W-4 for LA BigLaw Summer Associate?

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apophis
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31 allowances on W-4 for LA BigLaw Summer Associate?

Postby apophis » Tue May 14, 2013 11:21 pm

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Last edited by apophis on Sat Aug 03, 2013 9:35 pm, edited 1 time in total.

desertlaw
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby desertlaw » Tue May 14, 2013 11:31 pm

I did a number close to that but ended up underwithholding and had to pay an extra few hundred at tax time. But yeah, bigger paycheck is tcr if the firm allows for it.

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quakeroats
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby quakeroats » Tue May 14, 2013 11:44 pm

Use this to calculate it: --LinkRemoved--

First figure out how much you'll actually be paid for the year and how much withholding you'd have if it were spread over 12 months. Next change the calculator to the annualized amount you'll make this summer and calculate how many allowances you need to withhold the amount of money from step 1.
Last edited by quakeroats on Tue May 14, 2013 11:45 pm, edited 1 time in total.

lukertin
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby lukertin » Tue May 14, 2013 11:45 pm

quakeroats wrote:Use this to calculate it: --LinkRemoved--

First figure out how much you'll actually be paid for the year and how much withholding you'd have if it were spread over 12 months. Next change it to the amount you'll make this summer and calculate how many allowances you need to withhold the amount of money from step 1.

Terrible.

http://www.irs.gov/Individuals/IRS-With ... Calculator

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cahesu
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby cahesu » Wed May 15, 2013 4:01 pm

The IRS calculator recommended withholding too little for me. Although it is not fun, I would try to estimate your tax liability by computing your entire income and checking it against a tax table, assuming you will take the standard deduction and personal exemption.

Also, rather than recording many allowances, I was able to fill out a separate HR form at my firm to specify the amount I wanted withheld. ymmv.

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quakeroats
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby quakeroats » Wed May 15, 2013 10:13 pm

lukertin wrote:
quakeroats wrote:Use this to calculate it: --LinkRemoved--

First figure out how much you'll actually be paid for the year and how much withholding you'd have if it were spread over 12 months. Next change it to the amount you'll make this summer and calculate how many allowances you need to withhold the amount of money from step 1.

Terrible.

http://www.irs.gov/Individuals/IRS-With ... Calculator


That doesn't account for state or local taxes. FWIW, my way worked perfectly last summer.

bdubs
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby bdubs » Thu May 16, 2013 12:33 am

quakeroats wrote:
lukertin wrote:
quakeroats wrote:Use this to calculate it: --LinkRemoved--

First figure out how much you'll actually be paid for the year and how much withholding you'd have if it were spread over 12 months. Next change it to the amount you'll make this summer and calculate how many allowances you need to withhold the amount of money from step 1.

Terrible.

http://www.irs.gov/Individuals/IRS-With ... Calculator


That doesn't account for state or local taxes. FWIW, my way worked perfectly last summer.


Ummmm state and local taxes shouldn't affect federal witholdings unless you itemize. Most law students shouldn't itemize because they don't make enough money for it to be worthwhile.

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quakeroats
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby quakeroats » Thu May 16, 2013 12:46 am

bdubs wrote:
quakeroats wrote:
lukertin wrote:
quakeroats wrote:Use this to calculate it: --LinkRemoved--

First figure out how much you'll actually be paid for the year and how much withholding you'd have if it were spread over 12 months. Next change it to the amount you'll make this summer and calculate how many allowances you need to withhold the amount of money from step 1.

Terrible.

http://www.irs.gov/Individuals/IRS-With ... Calculator


That doesn't account for state or local taxes. FWIW, my way worked perfectly last summer.


Ummmm state and local taxes shouldn't affect federal witholdings unless you itemize. Most law students shouldn't itemize because they don't make enough money for it to be worthwhile.


True, but you're going to need to put down a number of allowances for states and localities, assuming they impose income taxes. There are many ways to figure all this out, but my way takes 5 minutes max and gets you a number for federal, state, and local taxes.

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homestyle28
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Re: 31 allowances on W-4 for LA BigLaw Summer Associate?

Postby homestyle28 » Thu May 16, 2013 8:55 pm

google: part year employment method




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