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PaycheckCity.com has a handy calculator for determining the Federal withholding amounts on your paycheck using different numbers of Federal Withholding Allowances.
(Number of Allowances = the number of allowances claimed from line 5 on the Form W-4. For instance, a single person living at home with no dependents would enter a “1″ in this field.)
Try entering 300 million allowances into the calculator (it will let you) to see your withholding amount drop to Zero! If 300 Million seems excessive, the magic Allowance number seems to be “65″ to bring the Federal Withholding rate to $0.
If Barry “Spread the Wealth” Obama has his way, this may be a way to go “John Galt” in 2009.
