No, so what am i supposed to put? Do i have to pay back the irs at the end of the year?
2006-08-08 15:25:55 · 8 answers · asked by lola 2 in Business & Finance ➔ Taxes ➔ United States
something i learned from my parents: when filling out the tax forms, always put a -0- so that way, come tax time, u GET more back from the irs. my parents still do it on their taxes. if put a -1- chances r u have to PAY the irs. don't worry, u get in trouble. my sister who works for the state gov't does it too.
2006-08-08 15:33:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most people will not qualify to claim exempt status upfront. You will owe lots of tax in April, plus as an added bonus, you will probably be required to pay a penalty for not having sufficient taxes withheld throughout the year. I recommend you claim at least one exemption on your W-4 (the form you filled out today.) The more exemptions you file, then the more money you can take home each week. It is not a good idea to file 0, because every tax payer gets to take a least one deduction when they pay their taxes. A good place to go for reference is www.irs.gov because they provide a calculator to estimate withholding. They will take into account money you have already earned this year, money you expect to earn this year, and any other income you might receive, plus any taxes you already have had withheld this year. You can change your W-4 at any time, so whatever you put down today is not set in stone. Just go to your HR or payroll to get the form to fill out again.
2006-08-08 22:56:27 · answer #2 · answered by Freddie 3 · 0⤊ 0⤋
here is a rough list of deductions:
O means the most taken out of your check (therefore giving you the most refund at tax season)
1 is pretty aggressive, but you might end up breaking even at tax season
2 two is more laid back, but you seriously run the risk of owing at tax season.
Another thing to consider is that if you make less than what is constituted the poverty line (between 14,000 and 18,000 a year) then no matter what your exemption you will get everything back. Also if you have kids that also gives you a better chance of getting a refund no matter what the exemption. Good Luck
2006-08-08 22:34:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes. You claim exempt now & you'll owe taxes for the whole year you allowed the IRS to not collect anything. You may also have to pay a penalty tax for exemption. Claim one or zero if it's just you & you have no child(ren).
2006-08-08 22:32:32 · answer #4 · answered by Belle 6 · 0⤊ 0⤋
There are certain laws that make you exempt, you probably do not fit into them.
And yes, if you are busted putting the wrong thing you will have to pay the IRS back, plus interest.
2006-08-08 22:30:13 · answer #5 · answered by janicajayne 7 · 0⤊ 0⤋
If you owe taxes you do. Only claim exempt if you make under a certain amount and/or have kids. Otherwise you will owe money!
2006-08-08 22:30:43 · answer #6 · answered by chis_sl 2 · 0⤊ 0⤋
The tax exempt question is usually for organizations such as local branches of governement and charities. It does not apply to individuals.
2006-08-08 22:30:03 · answer #7 · answered by ladyangelovely 4 · 0⤊ 0⤋
the more exemptions you claim the less the amount of taxes taken out of your check
you can claim one for yourself , if ur married that's another one, if you have kids etc.
but it is better to take zero exemptions so you get more on your refund
2006-08-08 22:33:33 · answer #8 · answered by bayfrog5 2 · 0⤊ 0⤋