2006-08-16 03:29:44 · 3 answers · asked by dannylarrie 2 in Business & Finance ➔ Taxes ➔ United States
You can claim as many deductions as you like on your W-4 form. How many it would take to have no taxes taken out is dependent on how much you make. However, you should understand that just because they don't take taxes from your check does not stop you from having to paying taxes at the end of the year. If you have no money taken out, and you make more than the standard deduction you will owe tax on that money.
2006-08-16 03:37:45 · answer #1 · answered by Bryan 7 · 0⤊ 0⤋
If you claim exempt, you are saying that you won't owe any income taxes for the year and they won't take any out. If you just do that to keep taxes from being taken out, and actually do owe at the end of the year, you can be penalized.
Be aware that they will still take out social security and medicare taxes. And depending on where you live, might also take out state or local taxes.
2006-08-16 11:06:46 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You can opt to claim tax exempt. You need to make sure that you have the documentation to support such a claim. Ask your employer to look in their tax booklet and check the dependant/tax ratio for you.
2006-08-16 10:37:26 · answer #3 · answered by Katie 1 · 0⤊ 0⤋