and you are single with no dependents....Is it smarter to claim 2 or 0???
2006-11-16 07:27:10 · 5 answers · asked by RobbinATL 3 in Business & Finance ➔ Taxes ➔ United States
You are talking about filling out the W-4 at work, I'm assuming. The more exemptions claimed, then the less tax they take out during the year. But when you go to file (in April), if you claimed 2 during the year and you are single, you will most likely owe tax, and may be subject to a penalty. Best to claim 0 now. The best way to approach tax issues, is to come out even (i.e., no owe, or no refund).
2006-11-16 07:46:48 · answer #1 · answered by Country Boy 5 · 0⤊ 1⤋
I'm single with no dependents...I claim "0" so they take out more taxes throughout the year and then claim "1" when I fill out my tax returns so I get a better refund.
2006-11-16 07:31:17 · answer #2 · answered by Anonymous · 0⤊ 1⤋
If you mean filling out the w-4 from your employer, you have either option. 0 will get you more when you FILE your tax return at the end of the year, but you will get less in your pay check. 1 or 2 will give you more in your check each pay period, but you will get anywhere from less to owing when filing at the end of the year. Talk to your payroll person/department. They will be able to help you.
2006-11-16 07:38:23 · answer #3 · answered by N0_white_flag 5 · 1⤊ 1⤋
If you are filing taxes you can't claim 2 as you need a name and SS number
2006-11-16 07:29:45 · answer #4 · answered by dwh12345 5 · 0⤊ 1⤋
For further assistance in determining what to claim on your w-4 form, please go to WWW.IRS.GOV.
Type in withholding calculator. If you have all the necessary information (such as your last paystub and itemized deductions) you should be able to make a determination of what the best deduction amount to have on your W-4 form.
2006-11-16 09:12:23 · answer #5 · answered by Bean counter 3 · 2⤊ 0⤋