I put 1 exemption (someone else cannot vclaim me as dependent) on my W2. Will I typically have to pay more taxes at the end of the year, or will I just receive less on my tax return??
2006-06-27 07:46:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I know less is taken out each paycheck.
2006-06-27 07:47:52 · update #1
I am assuming you gave your employer a W-4 form with one Exemption. That will cause less taxes to be taken from your check, therefore a smaller amount on your W-2, that you will receive in January.
The consequence is simply that you will either receive a smaller refund or possibly owe a little depending on your exact situation. No it does not cause you to pay more taxes. You still pay the same amount no matter how many exemptions you claim, it just changes when you pay it.
2006-06-27 08:48:38 · answer #1 · answered by Thrasher 5 · 0⤊ 0⤋
Depends on your income, marital status and deductions. I am going to assume you have an average income, single and do not itemize. You will most likely get a refund at the end of the year, but would get a bigger one claiming zero. The ideal tax situation is if you either owe or get a refund of about $100. Otherwise, you are giving the gov't an interest free loan for a year.
2006-06-28 03:49:06 · answer #2 · answered by extra_37 4 · 0⤊ 0⤋
Ideally you'll hold out enough to cover your share of taxes. Depending on how much you earn and all your other tax information, you'll probably end up with a smaller refund.
2006-06-27 08:16:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Neither you can just hire some random guy who knows something and ask him to do it for you.
2006-06-27 07:50:28 · answer #4 · answered by shortymanguydude 1 · 0⤊ 0⤋