How many allowances for summer employment?

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
User avatar
hellojd
Posts: 411
Joined: Wed Jan 13, 2010 1:29 pm

How many allowances for summer employment?

Postby hellojd » Fri May 01, 2015 9:59 am

Assuming NYC BigLaw SA gig, how many allowances can we claim? Last year I did one, but got a ridiculous amount withheld by the gov't. Would rather get more of it now than wait until April again for the refund. Wondering what's kosher here.

User avatar
lawhopeful10
Posts: 984
Joined: Tue Jul 24, 2012 2:29 pm

Re: How many allowances for summer employment?

Postby lawhopeful10 » Fri May 01, 2015 10:03 am

The IRS website has a calculator for you which will tell you how many to take after plugging in some info. Only took like two minutes. http://www.irs.gov/Individuals/IRS-With ... Calculator

Edit: I'm not making big firm money or I would just tell you what it gave me. Just wanted to be clear I wasn't like having you calculate it when I could easily just tell you lol.
Last edited by lawhopeful10 on Fri May 01, 2015 10:05 am, edited 1 time in total.

Anonymous User
Posts: 273091
Joined: Tue Aug 11, 2009 9:32 am

Re: How many allowances for summer employment?

Postby Anonymous User » Fri May 01, 2015 10:04 am

hellojd wrote:Assuming NYC BigLaw SA gig, how many allowances can we claim? Last year I did one, but got a ridiculous amount withheld by the gov't. Would rather get more of it now than wait until April again for the refund. Wondering what's kosher here.


i think i did something like 14, if the amount withheld turns out to be too much i'll just adjust during the summer.


TheDogWhisperer
Posts: 47
Joined: Mon Mar 23, 2015 10:55 pm

Re: How many allowances for summer employment?

Postby TheDogWhisperer » Fri May 01, 2015 10:18 am

just did the calculation using the IRS site for a 12 week biglaw gig and it suggested 23 allowances.. is this correct?

User avatar
SemperLegal
Posts: 1333
Joined: Fri Dec 03, 2010 8:28 pm

Re: How many allowances for summer employment?

Postby SemperLegal » Fri May 01, 2015 10:59 am

TheDogWhisperer wrote:just did the calculation using the IRS site for a 12 week biglaw gig and it suggested 23 allowances.. is this correct?



I did something like 24-27 and still got a small refund.

User avatar
unlicensedpotato
Posts: 411
Joined: Mon Feb 06, 2012 12:16 pm

Re: How many allowances for summer employment?

Postby unlicensedpotato » Fri May 01, 2015 11:10 am

I think something between 24 and 30 is normal for the typical single law student.

User avatar
Yardbird
Posts: 1093
Joined: Sun Dec 04, 2011 1:45 pm

Re: How many allowances for summer employment?

Postby Yardbird » Fri May 01, 2015 3:23 pm

Make sure to include relevant credits (lifetime learning) and deductions (student loan interest). If you are going into biglaw, then tax years 2015 and 2016 will be the last two years you can claim a student loan interest deduction. If your AGI is low enough, you may also be able to get a savers credit for saving into an IRA.

Also keep in mind that state refunds for 2014 count toward taxable federal income in 2015. If you had a large state refund for 2014, you may not want to take as many allowances.

Disclaimer: this in no way constitutes legal advice or accounting advice on how to do your taxes. Consult an attorney or tax accountant for advice.

shock259
Posts: 1737
Joined: Tue Jan 19, 2010 2:30 am

Re: How many allowances for summer employment?

Postby shock259 » Sat May 02, 2015 6:42 am

I did 20 a few years ago and still got a substantial refund.

sweeteavodka
Posts: 35
Joined: Mon Aug 04, 2014 2:11 pm

Re: How many allowances for summer employment?

Postby sweeteavodka » Sat May 02, 2015 4:15 pm

Where I'm confused is how to do state allowances for NY. Do you just go with the same number as your fed calculation?

sweeteavodka
Posts: 35
Joined: Mon Aug 04, 2014 2:11 pm

Re: How many allowances for summer employment?

Postby sweeteavodka » Wed May 06, 2015 4:06 pm

bump

juzam_djinn
Posts: 339
Joined: Tue Sep 15, 2009 1:23 pm

Re: How many allowances for summer employment?

Postby juzam_djinn » Thu May 07, 2015 10:30 am

did 24 last year and still got a refund; calculator tells me 25 this summer

User avatar
PvblivsScipio
Posts: 99
Joined: Wed Aug 27, 2014 11:41 pm

Re: How many allowances for summer employment?

Postby PvblivsScipio » Thu May 07, 2015 11:29 pm

I dun goofed.

Anonymous User
Posts: 273091
Joined: Tue Aug 11, 2009 9:32 am

Re: How many allowances for summer employment?

Postby Anonymous User » Thu May 07, 2015 11:51 pm

What happens if you just put 1? You're still going to see money this summer right?

Anonymous User
Posts: 273091
Joined: Tue Aug 11, 2009 9:32 am

Re: How many allowances for summer employment?

Postby Anonymous User » Fri May 08, 2015 3:48 am

DC with 37. Anyone try that yet?

juzam_djinn
Posts: 339
Joined: Tue Sep 15, 2009 1:23 pm

Re: How many allowances for summer employment?

Postby juzam_djinn » Fri May 08, 2015 9:57 pm

Anonymous User wrote:What happens if you just put 1? You're still going to see money this summer right?


Yeah of course. You just get the amount withdrawn as if you were making 3000+/week throughout an entire year. Then when you file your taxes for the year you'll get a relatively massive refund

TheDogWhisperer
Posts: 47
Joined: Mon Mar 23, 2015 10:55 pm

Re: How many allowances for summer employment?

Postby TheDogWhisperer » Sat May 09, 2015 12:52 am

how many allowances for NY state? I think 0

User avatar
Actus Reus
Posts: 460
Joined: Mon Sep 08, 2014 8:21 pm

Re: How many allowances for summer employment?

Postby Actus Reus » Tue May 12, 2015 10:11 am

juzam_djinn wrote:
Anonymous User wrote:What happens if you just put 1? You're still going to see money this summer right?


Yeah of course. You just get the amount withdrawn as if you were making 3000+/week throughout an entire year. Then when you file your taxes for the year you'll get a relatively massive refund



You likely will get audited. Government doesn't like writing huge check to people without inquiring as to why.

User avatar
TasmanianToucan
Posts: 574
Joined: Wed Feb 04, 2015 11:16 am

Re: How many allowances for summer employment?

Postby TasmanianToucan » Tue May 12, 2015 10:14 am

Should we be offering tax advice?

User avatar
unlicensedpotato
Posts: 411
Joined: Mon Feb 06, 2012 12:16 pm

Re: How many allowances for summer employment?

Postby unlicensedpotato » Tue May 12, 2015 12:38 pm

.

juzam_djinn
Posts: 339
Joined: Tue Sep 15, 2009 1:23 pm

Re: How many allowances for summer employment?

Postby juzam_djinn » Tue May 12, 2015 2:16 pm

Actus Reus wrote:
juzam_djinn wrote:
Anonymous User wrote:What happens if you just put 1? You're still going to see money this summer right?


Yeah of course. You just get the amount withdrawn as if you were making 3000+/week throughout an entire year. Then when you file your taxes for the year you'll get a relatively massive refund



You likely will get audited. Government doesn't like writing huge check to people without inquiring as to why.


if by audited you mean that the year-end refund might be delayed b/c they are checking into why the amount is relatively large, then yes I have heard anecdotes about this happening. I really hope you're not implying that this is something illegal...

User avatar
Desert Fox
Progressively loosing literacy
Posts: 14376
Joined: Thu Sep 04, 2014 4:34 pm

DFTHREAD

Postby Desert Fox » Tue May 12, 2015 2:37 pm

fobstory.jpeg
Last edited by Desert Fox on Thu Jan 07, 2016 5:31 am, edited 1 time in total.

Anonymous User
Posts: 273091
Joined: Tue Aug 11, 2009 9:32 am

Re: How many allowances for summer employment?

Postby Anonymous User » Wed May 13, 2015 12:11 am

so, I put 10 dependents for the IRS calculator. said 31 suggested and less than $25 refund. This seems like the correct way to go about it, no? Is putting 10 dependents the way to go?




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.