When filling out a W-4 at work, what happens if I claim 9 for my personal allowances?

Answer 1

You may be significantly underpaying your income taxes and will have to file quarterly returns the following year.

Answer 2

Not a good idea. At the end of the year will have accumulated a significant tax bill and will end up paying in full, interest, may possibly be subject to penalties, and, most likely, will be expected to pay estimated tax next year on a quarterly basis.

Answer 3

WHEN YOU FILE A TAX RETURN AT THE END OF THE YEAR YOU BETTER HAVE 9 SOCIAL SECURITY NUMBERS TO CLAIM AS DEPENDENTS OR YOU WILL OWE THE IRS MONEY. IF YOU CLAIM SINGLE ZERO YOU ARE PLACED IN THE HIGHEST TAX BRACKET BUT WHEN YOU FILE YOU ALWAYS GET SOMETHING BACK DUE TO THE HIGH AMOUNT OF TAXES TAKEN OUT DURING THE YEAR. THAT IS IF YOU HAVE NO OTHER INCOME AND 1OR 2 DEPENDENTS. ON MY W4 I CLAIM SINGLE ZERO. BUT WHEN I FILE I HAVE 3 DEPENDENTS MYSELF PLUS 2 CHILDREN THIS USUALLY NETS ME ABOUT 7K ON MY RETURNS.

Answer 4

Well, if you don't HAVE 9, it's a federal offense that could get you a trip to the slammer. Don't yank on the tiger's tail unless you have a pretty good plan for what to do when he turns around.

Answer 5

People often claim more dependents than they have in order to get fewer deductions from their paychecks. But you have to resolve it at tax time by probably coming up with more money than was paid in.

Answer 6

You will have very little money taken for Federal Withholding. If you don't make much money, it won't matter. If you do, expect to cut a check to the IRS April 15th

Answer 7

Then based on your percentage bracket thats the amount that will be taken out on your federal taxes.

Answer 8

you can file whatever you want , but when the time comes to file you have to pay up , the w-4 is just determining how much they take out

Answer 9

your paychecks will be bigger (less taxes taken out) but you will not get a big return at the end of the year and you may end up paying