Also, does anyone know what percentage they take out of check in North Carolina?
2006-07-05 10:13:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Best to claim on W-4 so that it is included in each paycheck. That way you are not giving the government an interest free loan for an entire year.
Withholding will depend on the number of exemptions you claim. Go to the NC Department of Revenue Web site for more information.
2006-07-05 23:36:54 · answer #1 · answered by extra_37 4 · 0⤊ 0⤋
By asking if it's "better", I assume you mean more advantageous from a tax standpoint. There is no good reason to claim a dependent at the end of the year because all you're effectively doing is increasing your withholding for a very short time frame. The number of dependents you should be claiming is based on your total income tax situation. Conceivably, someone with no children could claim single with 3 dependents if she were generating substantial tax losses. On the other hand, a married woman with 2 children may want to claim single with no dependents to make sure that enough withholding is taken out to cover both her and her husband's income. It pays to carefully fill out Form W-4 and try to analyze your total tax picture.
As far as NC withholding, they're on a graduated income tax system, so the percentage that is taken out of your check will increase as your income increases. Some states have a flat rate for all taxpayers: NC isn't one of them.
Hope that helps!
2006-07-05 17:59:52 · answer #2 · answered by SuzeY 5 · 0⤊ 0⤋
It really doesn't matter. In the end you'll pay the same taxes. If you don't claim them during the year, you'll have more money withdrawn from your paycheck during the year, but you'll get it back when you file your tax return.
2006-07-05 17:51:10 · answer #3 · answered by NM505 3 · 0⤊ 0⤋
Claim at the end of the year, if you won't get penalized.
2006-07-05 17:17:14 · answer #4 · answered by Nelson_DeVon 7 · 0⤊ 0⤋