my fiance is getting the short end of the stick on his paychecks and was wanting to know how many exemptions can he legally claim on his w4 so less is taken out of his checks
2006-08-20 18:41:16 · 7 answers · asked by tazkat75 1 in Business & Finance ➔ Taxes ➔ United States
legally on the w-4 form you can claim as many dependents (not exemptions) as you want. If you claim 0 they withhold the highest amount, however you'll get a tax refund back on whatever you have overpaid. If you increase the number of dependents they will withhold less each check, but whatever they don't they take out incrementally during the course of the year will have to be paid in full to the IRS on April 15.
2006-08-20 19:13:51 · answer #1 · answered by Piggiepants 7 · 0⤊ 0⤋
Unless your fiance has dependents, he should claim either 0 or 1 on his W4 form. If he claims more than that, there is a good chance that he will owe tax at the end of the year and with that could come a financial penalty. Best to have the tax come out of the paycheck than have to pay a lump sum next year.
2006-08-21 01:51:12 · answer #2 · answered by Adios 5 · 0⤊ 0⤋
No, it extremely is not criminal. examine the learning for claiming exempt on type W-4. in case you do no longer meet those exams you may not legally record a W-4 as exempt. Taxes are based upon your gross pay. together as the quantity of tax will enhance, your gross and take-abode will enhance via greater. in case you pull a pair of paychecks devoid of taxes withheld, you may perhaps OWE once you record on the top of the 12 months.
2016-12-14 09:00:11 · answer #3 · answered by ? 3 · 0⤊ 0⤋
He'll have to fill out another W-4 and follow the guided instructions. But always remember, it's gonna be better to pay more than less. If you end up paying less than you are required, Uncle Sam will be expecting a payment come tax time...
2006-08-20 18:49:28 · answer #4 · answered by locowherto 3 · 0⤊ 0⤋
Legally, it's whatever legally applies. As for what's taken out, just remember that you will owe what you owe at the end of the year, and if you don't have enough money check to check, where are you going to get the money to WRITE a check to the IRS at the end of the year?
2006-08-21 08:13:46 · answer #5 · answered by misslabeled 7 · 1⤊ 1⤋
if your fiance has any kids he can claimed them on his paychecks but he has to make sure his kids mother is not already claiming them.
if he has no kids, he can only claim himself. but then at the end of the year, if not enough money was paid to the i.r.s. then he might to pay some money back.
when he gets married to you, then he can claim two, max. but then u can not claim yourself.
for right now: 0 or 1
when married : 0, 1 or 2
2006-08-21 05:42:51 · answer #6 · answered by lasalle_1986 4 · 0⤊ 0⤋
I don't think it matters, what matters is what he puts on the final tax forms in JAN/FEB! :)
The W-4 is only for deducting a withholding, but when it comes time to actually file taxes, that is when the legal aspects matter.
2006-08-20 18:47:37 · answer #7 · answered by Life after 45 6 · 0⤊ 1⤋