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I had to chime in because most folks responding here don't seem aware of the full extent of the Republican Tax Scam.The Blue State Trick and a Temporary CalmYes, the mission was to lower Federal taxes in order to boost everyone's 2018 paychecks just a little. And that probably worked. I didn't look, but let's assume they were clever enough to deliver that body. It was largely political, 2018 being an election year and all, as well as the truth than nearly all of the actual tax cuts went to the rich. I'm not quite done with my taxes, but I think I'm paying around $2,000 less this year than last year. So less than $40/week. I didn't notice. Apparently, most voters didn't either, because the Republicans suffered the greatest mid-term loss in recent US history (in terms of vote margins, not seats won, as the Republicans have a gerrymandered advantage of up to around 10% in some states, and see: Trump suffered the worst midterm loss in a century, says JP Morgan). Or maybe voters simply had more pressing concerns that couldn't be bought.Of course, that was 2018. What we who read through (at least a bit of) the new tax law understood was that it dropped bombs which would not go off until the 2019 tax preparation season. We're just starting that. The new tax code affects two of the main deductions available to meer mortals: the state and local tax deductions (SALT). It was longstanding government policy that you are not taxed, well, on your other taxes. So back when I paid $8000 in state income tax and $12,000 in local/county property tax back in Jersey, those were deductible. This year, there's a $10,000 cap on these. So ok, there's also an offset of sorts -- the standard deduction has been increased. So depending on how it all works out, you may wind up not being penalized, even if your taxes exceed the cap, as mine used to. Oh, and you have to choose which taxes to deduct. You can no longer deduct both income and sales taxes, even under the cap.You're good for now, but at the end of 2025, your tiny tax cut, the increased standard deduction, and a few other things that either lowered your taxes or at least mitigated the effect will expire. And as some of my Trump lovin' red state brothers and possibly sisters have or invariably will point out, this mostly affects Blue States, which sometimes manage to offer actual government services and still avoid any Kansas-sized financial Armageddons by funding their expenditures through balanced taxation. Not Jersey, my old state, but some. The red states just keep digging, but hey, you're good this year!That Other Trick (The One You’ll Find Out About Doing Your Taxes)Except you probably still aren't good this year. As I said, I did not look at my paycheck to see if I really saw some fraction of that $40/week bonus. Maybe there's even someone reading this who's thinking I'm nuts, they had a much bigger paycheck bonus and they know, deep in their hearts, a wizard such as I must earn more than they do. And yeah, I'm certain I did get more in that paycheck, because the new tax law also changed the tax withholding amount. In fact, it dropped it way down.In fact, while I did nothing to change my W-4 form, Uncle Sam took over $8,000 fewer dollars this year out of my bi-weekly camera, guitar, and beer allowance. That's the second part that makes this a scam: there is a $6,000 difference there. Do you update your W-4 form every year after reading the new tax code? I thought not. Might be worth looking into, if you don’t.Anyway, the upshot of this is that most people are going to be unhappy with this year’s taxes. If you’re expecting a refund, you may not get one. Lots of people who think they’re good will owe money, possibly quite a bit of money. And fines along with it for being late, since this money was supposed to be paid throughout 2018.Am I bothered by it? Not personally — I pretty much expected that the Republicans would screw over anyone who’s not rich. I’d be a little nervous if things looked too good at this point. But a recent study suggests that the majority of Americans depend on their expected tax refund to pay off debts, even just to make ends meet. And if you’re claiming they should have adjusted their W-4 withholdings to avoid that refund and dependency, sure. But another report claims that 62% of Americans cannot withstand a $500 emergency. We, as a club, as not making sound financial decisions. Trump’s recent government shutdown revealed a fairly frightening fact: 78% of Americans live paycheck to paycheck. A whole bunch of us are going to be upset this tax season, and too many will be in real trouble.And this is, in some ways, refreshing. The Republicans have railed against multiple taxation pretty much since I was a little kid, and probably before that. Now that they have openly embraced the idea that every American’s income can be doubly taxed, I am certain that they’ll finally stop trying to repeal the estate tax and any other efforts to remove, as they see it, double taxation.The Trump EquationBills always come due. But will this affect Trump’s base? As a result of the new tax law, a full 44.4% of Americans are only paying FICA, Medicare/Medicaid, and possibly local taxes. They will owe no Federal taxes.Trump’s base, that die-hard 25–30% of mostly tribal Republicans who will never leave Trump pretty much no matter what, demographically skew poor, uneducated, and old. So there will be a far smaller percentage of them paying any taxes — if they have withholdings, they’ll get the same refund they got last year. Now, if you want a defense of Trump, it’s easy: the Republicans wrote this bill, they put in a special new loophole for Trump, Jared, Beavis and Butthead, a special provision just for commercial real estate that’ll net them billions in a few short years. Trump didn’t read the bill, he just signed it for “the win”. So hey, if you’re a Trump fan, how can you blame him for what’s in the bill?Add to that the amazing ability of die-hard Trump supporters to ignore everything bad that Trump does. I don’t think this has a big impact on Trump’s base. I'd love this to be the one that has a few wake up, smell the coffee, and start voting for what's actually better for their lives. But that hasn't really been much of a motivating factor for 40+ years. It's so much easier to sell fear and hate.Thing is, Trump’s base puts him somewhere between Trump Tower, Rikers Island, and Leavenworth in early 2021. He needs a repeat of the 70,000 vote margin, or better, that won his Presidency in 2016. A whole bunch of those people will be doing their taxes over the next two months. Some may bother to actually do the math on why they’ve just drained their bank accounts.Read MoreSome Americans Depend on Their Tax Refunds to SurviveTrump's Tax Cuts Are Already Hurting AmericansThis is the No. 1 thing Americans do with their tax refund78% Of Workers Live Paycheck To Paycheck

You should claim the number of exemptions that you arrive at by completing the worksheet in the top part of the W-4 form (the part that has the instructions). Unless you have unusual tax issues (such as income from a second job, self-employment income, significant investment income, or other unusual circumstances), using the result obtained from the worksheet will typically result in receiving a small refund.You can also use the IRS’s withholding calculator at 2016 Withholding Calculator.Many personal finance software applications have a tax estimator that can advise you how to more precisely adjust your withholdings to achieve a desired return.If you have unusual circumstances, or need more specific advice, you should consult with a tax advisor.

The Federal Withholding and California Withholding relate to Income tax, federal and California State, respectively.The other three are a straight percentage of your gross pay. You have no control over them.Federal FICA Med Hospital Ins /EE is Medicare/Medicaid tax, a percentage of your gross income. This basically pays, now, for the major medical expenses you are expected to incur after reaching age 65 and continue to spend until you die.The Federal blah-blah Disability and California blah blah Disability provide supplemental income if you become disabled and cannot work. Possibly, unemployment insurance is rolled in. Sorry, I am in New Jersey. The deal here is that if you are injured at work, you have insurance that will pay a fraction of your salary until you get better or reach retirement age. The more you earn, the greater the disability income. So, the more you earn, the more the insurance costs.The Federal Withholding and California Withholding are a “pay as you go” set aside of your income tax (Federal and California) due on April 15, next year. Wages are subject to withholding, a cut from every paycheck. entrepreneurs and investors have to pay estimated tax in installments over the year.If you get a refund, after filing your income tax (federal and California) next spring, the refund is going to be a portion of these amounts taken out of each paycheck over the year.When you were hired, your on-boarding packet from Human Resources included a Federal and California “W-4” form.The Federal and California withholding lines are entirely a function of tax rates and the information you submitted on the W-4’s.If this was your first job, you may have filled it out as if you were your parents’ dependent. If this is a real job, a step in a career, then no, you are probably not their dependent, as far as taxes go. That is a piece of information about your financial situation that gets captured in the W-4 and that goes into the calculation of your withholding. The withholding is a crude anticipation of the actual tax you will need to pay next year.If you have access to deductions and credits that will reduce your income tax, you can adjust a related number on the W-4 to lower the amount of withholding. You may want to do a practice filling out of the 2016 tax return based on your end of year income, to see an approximation of your tax bill next year.Not being a dependent of your parents is a big deal. So is being head of a household (with dependents), or owning a home with a mortgage and property taxes.Or also, education credits for the spring semester 2017.If these adjustments to your tax bill mean your withholding is way too high, you can amend the W-4 as per the instructions to reduce the withholding.