Did a mistake on my 1040EZ screw me over last year?
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A very brief glance at your figures tells me that 10% was withheld from your wages and 10% was withheld from your unemployment compensation for Fed taxes. Your Federal income tax liability is 503. If you support yourself, your exemption is 3400 for 2007. Your standard deduction is 5350. Withheld: 1346.70. Your Fed refund by my calculations is 843.70.
Next year, you may want to claim one exemption because you gave the government an interest free loan. If your refund is much smaller with your State, you may want to leave it at zero exemptions. By claiming one on the Federal W-4, you will have more for the bills throughout the year. Of course, this depends upon your sending in estimated taxes or checking your stubs to make sure that payroll is withholding at least 7.5 to 8 %, depending upon your still being single, didn't have a large increase in earnings, and other factors. Good luck.
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