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

[apophis]

..

[desertlaw]

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.

[quakeroats]

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.

[lukertin]

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

[cahesu]

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.

[quakeroats]

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]

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.

[quakeroats]

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.

[homestyle28]

google: part year employment method