when filing a W-2 form, in order to recieve more money on your check, should you claim more or less dependents?
2006-07-12 14:53:36 · 9 answers · asked by ghostguff 2 in Business & Finance ➔ Taxes ➔ United States
You would claim more. However, you really need to claim what is right for you. More money on your paycheck now can cause you to owe on your tax return. Plus, if the IRS deems that you under withheld, you can be stuck owing penalties as well. Below is a link to the IRS Form SS-4 that will help you find the proper amount of withholding.
2006-07-13 00:57:41 · answer #1 · answered by accountant 3 · 0⤊ 0⤋
You don't file a W-2 to claim dependants. Your employer gives you a W-2 at the end of the year. It states how much you made and how much was withheld. You file the W-2 with your tax return, unless you file electronically and electronically sign your return.
You're probably thinking about a W-4. The more exemptions you claim, the less that will be withheld from your check. Keep in mind that it is against the law to claim more exemptions than you are legally entitled to.
If you are single, do not own a home or have other itemized deductions, work one job, and have no other income, the most you can claim for withholding purposes is 2. If you claim more than that you will wind up owing the government on April 15th, possibly along with penalties and interest for underpayment of your taxes.
2006-07-12 22:00:04 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You fill out a W-4, not W-2. W-2 is the one you get at year end. The W-4 that includes more dependents gives you a larger net on your check. If you claim too many and wind up owing lots of taxes at the end of the year, you could be fined, so don't over claim dependents unless you know you'll have lots of deductions to take.
2006-07-12 21:58:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You should claim more dependents. I used to recommend to my employees, way back when, that if they are single, they claim 1, married, 2, and 1 for each child.
Most people claim 0, thereby having the most deducted. Then they let the gobberment use their money interest free for a whole year. And they get a big tax refund. That's sorta kinda stupid if you ask me. It's called forced savings. But you want the money in your hand, not the gobberments. So claim 1. At tax time, depending on your deductions you may possibly owe the federales a little bit, or they may owe you a little bit. It all depends on how you file your taxes. Don't overdo your claim of dependents. That will get you into deep doo doo.
2006-07-12 21:57:03 · answer #4 · answered by rb_cubed 6 · 0⤊ 0⤋
if you are single and have no children you can claim 0 (more will be deducted from check) or 1 (less will be taken out.). There is other criteria too. Just be careful because the less that is taken out now may be owed at the end of the year. you should talk to your payroll dept for a better understanding. they can tell you what tax bracket you are in, etc.
2006-07-12 22:00:18 · answer #5 · answered by Dee J 2 · 0⤊ 0⤋
well.. technically... the more you claim the less money they take out of your paycheck... but if you claim less ... like myself.. i'm single and i could claim myself... ***1*** but i claim Zero... which gives me a lot more money when i file my taxes... A LOT MORE...
i wouldn't recommend you lie or cheat on your W-2 form because the IRS "WILL" eventually catch you and you'll be in a world of S.H.I.T.
and oh yeah.. Pets don't count as dependents... lol
2006-07-12 22:01:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
more dependents and the form is a W-4
2006-07-12 21:56:13 · answer #7 · answered by Eye of Innocence 7 · 0⤊ 0⤋
more
But if take out too much then the IRS can make trouble for you.
2006-07-12 21:55:31 · answer #8 · answered by Bill 6 · 0⤊ 0⤋
don't lie...its illegal...whatever the truth is
2006-07-12 21:55:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋