Income Taxes

[BWillie]

Originally Posted by CrazyPhuD

Nah you want to owe the government as much as possible without owing fees. Why? Just like when you get a refund back from the government you gave them an interest free loan. When you owe the government money you're getting and interest free loan from the government. If you take that money and put it in something that makes money you make out ahead. This of course depends upon a person being able to manage their finances, but really you want to owe money.

Great point. Maybe you can help me out with something. What is the most you can opt for the government NOT to take out of your check? Can you keep the whole thing? And pay at the end of the year?

Hell, if that is the case, at the VERY LEAST I can put my money in a CD that would have been withholding anyways and get something out of it. I think I claim "0" or "2", whichever one that takes more out of your check each time.

For a guy making $45,000 to $55,000, what would be the difference from what I'm withholding now, and the least amount I could withhold?