Gross: $632.40/wk. claim single and 0 . $76.19/wk federal tax removed from my check, as is $24.66 per week for state taxes. I claim the same exemptions for state tax. I want to change my federal tax exemptions, so nothing is taken from my check. How many exemptions do I have to put on the form you fill out for your employer?
2006-10-23 11:53:18 · 4 answers · asked by butterfly 1 in Business & Finance ➔ Taxes ➔ United States
I only want to change this for the remaining 9 paychecks this year.
2006-10-23 12:32:58 · update #1
If you have no other income and take standard deduction and one exemption your federal income tax would be $ 3,314 for the year. If the 76.19 is just the federal income tax withheld and does not include FICA then you have a total of $ 3,961.88 for the year that will be withheld. If you eliminate federal withholding for nine weeks you will be underwithheld by $ 41.00 for the year. Talk with the payroll person and set your withholding rate with a W-4 for the last 8 weeks to a number which reduces your FIT withholding to zero. You should get about $ 35.00 refunded.
2006-10-24 04:19:00 · answer #1 · answered by acmeraven 7 · 0⤊ 0⤋
The only way to have nothing withheld is to claim "exempt". That means that you paid no tax last year and expect to pay no tax this year. If you end up owing tax there can be a big penalty. You are not allowed to put more excemptions than you are entitled to.
2006-10-23 12:06:07 · answer #2 · answered by Barkley Hound 7 · 1⤊ 0⤋
Mark your W-4 as exempt. If you owe when you file your return, and you probably will at your salary, then you may owe a penalty.
2006-10-23 12:01:37 · answer #3 · answered by daoco 4 · 0⤊ 0⤋
Go to your employer's HR dept and fill out a revised W-4 form.
They will know which to put down for your situation, tell them what you want and ask HR.
2006-10-23 12:01:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋