Need some Tax help!

[Casch 0]

Ok so here's the deal. I'm an 18 year old single male making about 21K a year in Oregon. I'm tired of paying max $$ in taxes, so I want to add some deductions to my W4. But I don't want to under pay and have to write a check for uncle sam next april. So how many deductions should I claim on my W4? 1? 2? I've been trying to look up some tax bracket information to figure it out, but I'm most definately not a tax loving kinda guy...or even a tax understanding guy...

Any help would be very much appreciated. I just don't want them to take 45% of my check out for taxes

[AggieDave 6]

Aren't you in college? I work out my taxes, since I'm a student I get every red cent back.

--"When I die, may I be surrounded by scattered chrome and burning gasoline."

[Casch 0]

Nope, no school right now. I will start taking some classes at a community college soon though

[AggieDave 6]

Damn.

Well, then I can't help you...I have a feeling once I'm out of school, I'm screwed when it comes to taxes.

--"When I die, may I be surrounded by scattered chrome and burning gasoline."

[darkvapor 0]

http://www.irs.gov/individuals/article/0,,id=96196,00.html

Use that 'calculator' to figure out what your options are. It really doesn't matter what you claim. You will end up paying the same. Of course it is nice to minimize the impact at tax time (for returns or debts).. but since your single, with no dependents, and aren't claimed by anyone else, just put down 1 and that should be about right.

edited to add: its probably better to have too few exemptions than too many. a skydiver your age probably wont have a few grand to pay back to the government when it comes time, so its better to receive a happy surprise than to end up going further into debt during spring time. it will be a helluva lot better to be able to buy a nice new canopy for the upcoming skydiving season, then end up sitting on the ground because you just busted the bank paying the IRS..