I currently claim single and 0. I would like some extra spending money for Christmas. I know if I change my amount of dependents less tax will be taken from each paycheck. Since it is so close to the end of the year should I be ok doing this. I dont want to pay in at the end of the year. Thanks.
2006-10-18 17:17:22 · 3 answers · asked by butterfly 1 in Business & Finance ➔ Taxes ➔ United States
Unless you have significant income from interest, investment etc, you shouldn't have to pay at the end of the year.
You can increase your withholding allowance from 0 to 1 on your W-4, and you will get at least $63.46 more each week.
Best wishes.
2006-10-18 20:50:11 · answer #1 · answered by JQT 6 · 0⤊ 1⤋
You can ask your payroll department what would be taken out of your paycheck at various numbers of allowances claimed, or you can calculate it yourself by downloading publication 15, circular E at http://www.irs.gov/pub/irs-pdf/p15.pdf from irs.gov. The extra in your paycheck will depend on your weekly salary so no answer can be given here on the amount without knowing that.
If you normally get a refund, and the extra in your paycheck isn't greater than 1/10 of your usual refund, you should be fine at the end of the year. Just remember to change it back for the start of 2007.
2006-10-19 20:59:50 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It's okay 2 do this alot of people change it normally around july or aug then change it back in jan
2006-10-19 00:20:01 · answer #3 · answered by sugarbdp1 6 · 0⤊ 0⤋