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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants. Visit my website at www.johnstancilcpa.com. Also visit my blog, www.thetaxdocspot.com.

Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.

Education/Credentials
DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill College

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Should I file "1" or "0"

Tax Law (Questions About Taxes) - Should I file "1" or "0"

Expert: John Stancil, CPA - 11/4/2009

Question
How do I know whether to file "1" or "0" on my taxes? And what to file after any raises. Is there a chart that I should follow? I just don't want to end up owing money at the end of the year. I know that zero is the safest, but I'd really like to get the most out of my check now. I make twelve dollars an hour working full time, if that helps any. I currently file "1" and gross about $950 every two weeks and net about $713. Any help would be greatly appreciated.

Answer
Jessica,

Thanks for your question.

There is a worksheet that accompanies the Form W-4 that you can use to help you determine the number of withholding allowances you should take.

I cannot give you a specific number to claim, as there are too many variables in the tax equation for me to give you a valid answer in this forum.

Hope this helps.

John Stancil, CPA

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