2006-10-03 20:26:51 · 5 answers · asked by sweety 3 in Business & Finance ➔ Taxes ➔ United States
If you are single and someone else's dependent, what you want to put is "Single" and "0". "Exempt" is for people who do not have to pay taxes regardless of income. A Dependent is definitely NOT someone who does not have to pay taxes regardless of income. Entering "Exempt" may not only cause a huge tax bill come April, but possible IRS penalties as well. Please enter Single 0 and call it a day.
2006-10-04 01:40:02 · answer #1 · answered by TaxMan 5 · 1⤊ 0⤋
What do you mean by "exempt"? Are you saying you do not want to pay taxes out of your pay check due to the fact you are a dependent of your parent?
W-4 do not work that way. Here is what W-4 is all about. The federal and some state government want you to pay your taxes when you "earn" it not at the end of the year. The W-4 was designed to withhold taxes for you by your (boss) employer. The amount of tax withheld depend on how much you want to withheld and that is located on line 5 of your W-4. If you want maximum withheld then you put -0- on line 5. If want less then you put 2 or 3 up to 10. if you want all of the tax withheld then it is "exempted" on line 7
If you are a depend and has earn income, In 2005 if your total income is $5,000.00 or less then there is no tax. If you intend to earn less then $5,000.00 or less this year then you could put "exempt" on line 7 of your W-4. Just be sure you earn less then $5,000.00 because you will pay interest on tax you owed at the end of the year when you do your tax return just like a credit card.
2006-10-04 02:35:49 · answer #2 · answered by Kenshin 5 · 0⤊ 1⤋
w-4 i guess are form for taxes withheld from suppliers. if your income could not not reach taxable income bracket. you can apply for tax exemption. you have to go through certain process before tax exemption is granted to you Bureau of Internal Revenue.
2006-10-03 20:38:51 · answer #3 · answered by pick p 2 · 0⤊ 3⤋
no
read the form!
it tells who what points of exemtion to claim
dont write exempt. your mom claims 1 pt for you for example.
but you cant for her because you arent head of househousehold and she is not your dependant. its very cut n dry.
2006-10-03 20:29:35 · answer #4 · answered by jorluke 4 · 0⤊ 2⤋
you have to make less than $3,000 per year. If you make more, than you will have to end up paying in at the end of the year.
2006-10-03 20:32:16 · answer #5 · answered by Meg 5 · 0⤊ 2⤋