2006-10-10 15:40:53 · 8 answers · asked by Raina Jade 1 in Business & Finance ➔ Taxes ➔ United States
No...you will get the maximum deduction. Claim 4 or 5 dependents to get close to full pay check.
2006-10-10 15:43:53 · answer #1 · answered by Anonymous · 0⤊ 1⤋
If you claim zero exemptions (not dependents), enough federal taxes will be withheld from your paycheck so you don't owe at the end of the year IF you are being claimed as a dependent on someone else's return. Working children living at home should claim Single 0. This causes the most withholding and smallest "take-home" pay.
No matter what you choose on your W-4, you will never get your full "paycheck". Why? Because social security and Medicare taxes are always taken out regardless of your W-4.
As far as federal withholdings, the only time you want nothing withheld is when you expect to have no tax liability. Whether you have nothing withheld or everything withheld, it will NOT change your tax liability or "what you ultimately owe the IRS in April". Think of it as a bill for dinner. Let's say you ordered a 5 course dinner that cost $50. If you pay nothing all night, when you finally leave, you will owe the entire $50. If you pay $10 as each course is delivered to you, you will end up owing nothing. If you pay $15 for each course, you will end up overpaying $25 and getting it back when you leave.
Taxes are similar. Your "withholding" from each paycheck goes towards your "final bill" or tax liability. When you file your tax return in April, you are figuring out what you bill really is AND you subtract your withholding from that bill. If your withholding is too small, you will owe the IRS. If your withholding was too much, you'll get a refund.
Therefore, the only time you want NO federal withholding is when you expect to have no tax liability. If you do end up with a tax liability, you'll owe the entire amount. If the amount you owe is too large, you'll end up paying penalties and interest. So, don't just go out and choose any old W-4 exemption amount without considering all of the ramifications. It is best to follow the instructions on the W-4 form to choose the ideal number of exemptions. Or, you can contact someone at a local income tax office and see if they will help you choose.
OK?
2006-10-10 16:06:09 · answer #2 · answered by TaxMan 5 · 3⤊ 0⤋
the only way she ought to declare your 2 babies on her income tax is by using putting the social risk-free practices numbers on the 1040 sort and their names. At this factor they are listed as her dependants and he or she gets a sizable tax ruin, yet uncertain how lots she could come back consistent together with her income and all. in case you're working and you filed a 1040 on the top of the 365 days and you claimed your babies, then the IRS is going to be checking this out and sending out a letter finding for a proof. there's no way of looking out till you touch the IRS immediately which includes your concerns. Or in case you seek for the place of work work in her homestead. How old is your bf? Does he pay toddler help? Do you paintings? Did you report a tax return? the place do the youngsters stay?
2016-10-16 01:35:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No you will not get the full paycheck amount. Employeers are required to take out taxes. You can claim 0 deductions (I find this the best way to go) then at tax filing time claim the deductions and you will most likely get a refund.
2006-10-11 00:59:50 · answer #4 · answered by ELIZABETH 2 · 1⤊ 0⤋
Claiming '0' exemptions (not dependents) results in the largest withholding amount. To have no withholding, you would claim exempt. This is only allowed if you expect to be entitled to a refund of ALL the taxes that would have been withheld. This means your gross income will be less that the standard deduction and personal exemption to which you are entitled. See IRS FAQ linked below.
You will still have FICA (social security) taxes deducted. Some states don't allow you to claim 'exempt' for state tax purposes.
2006-10-10 21:26:45 · answer #5 · answered by STEVEN F 7 · 2⤊ 0⤋
No. You will still get taxes withheld. If you claim more dependents than you have you will end up having to pay the irs come tax time. Claiming 0 just means that you get the standard withdrawal for an individual.
2006-10-10 15:54:57 · answer #6 · answered by low_on_ram 6 · 1⤊ 0⤋
Claiming 0 On W2
2017-02-23 13:11:13 · answer #7 · answered by ? 3 · 0⤊ 0⤋
Just tell your payroll dept you do not want any federal or state tax withheld. I do not suggest this as it may bite you at tax time.
2006-10-10 15:52:53 · answer #8 · answered by RamsGod 3 · 0⤊ 1⤋