USA W4 help.... tired of giving the gov a loan every year....

[dannewtoomaha]

So, new guy here; I know nothing about taxes other than it appears I am having way too much money taken out of my paycheck. I appear to pay more in taxes than some people make a year. Thus- I'm looking for some help on my W4 allowance to minimize the amount of money taken out of my paycheck. I'd rather owe at the end of the year than get money back. I'm hoping someone on here can help me that knows about this stuff. Here are my details copied out of my last paystub; get paid every Friday:

State of Residence: Nebraska

Single (divorced)

Paying $1,400.00 a month in child support, 2 kids whom I claim every year as dependants per my divorce decree.

Annual Salary: $120,000.00 (gross pay $2,310.00 paid weekly)

Contributing 8% to 401k (before tax)

Current allowances claimed on W4 = 7

This is what my pay stub looks like:

Fed Marital Status: Single
NE Marital Status: Single
Fed Allowances: 7
NE Allowances: 7
Fed Addl Percent: 0.000
NE Addl Percent: 0.000
Fed Addl Amount: $0.00
NE Addl Amount: $0.00

Earnings
Description Hours Rate Amount YTD
Amount
Regular 40.00 2,310.00 19,404.00
PTO 462.00
Hol ST Hrs 924.00

Total: 40.00 2,310.00 20,790.00


Taxes

Description Amount YTD
Fed Withholdng 317.07 2,899.87
Fed MED/EE 33.18 298.62
Fed OASDI/EE 96.10 864.96
NE Withholdng 113.76 1,036.64


Total: 560.11 5,100.09

Before-Tax Deductions
Description Amount YTD

Med. Insr. 23.53 211.77
Dentl Insr 2.18 19.62
401K Savng 161.70 1,270.50

Total: 187.41 1,501.89

Employer Paid Benefits
Description Amount YTD
Amount
Med. Insr. 166.15 1,495.35
Vision Ins 2.31 20.79
Grp Trm Lf 4.15 37.35
Grp Trm Lf* 3.97 35.73
Disab Insr 2.77 24.93
401K Savng 138.60 1,247.40
ER 401k Mt 50.53 454.77
ERContribt 25.85 232.65

* Taxable
Total: 394.33 3,548.97


SO... right now I'm paying a total of $560.11 a week in taxes between the IRS and State of NE. Can anyone help me figure out how to set up my allowances or what I can do to lower that amount and get more money back in my weekly paycheck. It seems rediculous that essentially paying $29,000.00 a year in taxes. I'm not a homeowner, and other than my 2 kids- I don't have any write off's.

Please help.....

 

[dannewtoomaha]

And even if I do owe at the end of the year- I'd rather owe the government money and have to send them a check every April rather than give them an interest free loan and get a check back from them every year....