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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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My current salary is $52,000 a year. I also get another

Customer Question

My current salary is $52,000 a year.

I also get another monthly income which will be a total of $5,594 from In-Home Support (a social services program from the State of California). This extra check is from the state for being a caretaker to my 87 years old mother who lives with me. For the $5,594 yearly income that I will receive from the State of California, there is no Federal income tax or State Income Tax withheld.

My filing status is Head of Household. I contribute 3% of the $52,000 to a 401k. I claim my mother.

The only other credits I will have is a 1098-E for a student loan interest. The amount of interest last year for 2011 was $881.

So my total income is $57,594.

How many should I claim on the W-4 and the California DE-4 for 2012? I am claiming 2 right now. Am I claiming too many? Should I claim only zero? I do not want to pay back in 2013. I would rather have enough deducted right now.

Also, I will get raise in October 2012. I have no idea how much that will be, but I am assuming it will about 3%.
Submitted: 4 years ago.
Category: Tax
Expert:  ShawnA replied 4 years ago.

Shawn P Adamo :

Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.

Shawn P Adamo :

I believe you will come out aboyt even claiming 2. If you claimed MORE you would have a higher net income during the year but would most likely owe at the end of the year.

Shawn P Adamo :

If this does not answer your question please let me know. Also let me know if you have additional questions.

This is my full time job and I only get paid if you accept my answer. We work on the trust system at JA.

If you understand my answer and have no more questions, please accept and please eave positive feedback (if so inclined). Thank you.

Shawn P Adamo :

Do you have any other questions? Please let me know via a yes or no. Thank you.