How do I determine the number of tax exemptions I am supposed to claim on my W-4?
I am married with no children.
2006-11-17 11:25:45 · 8 answers · asked by Sheila G 2 in Business & Finance ➔ Taxes ➔ United States
The instructions on the W-4 are a guide. You would be single filing one if you're parents claim you as a dependent, single filing 2 if you live on your own.
However, you can use the allowances claimed as a way to change the size of your refund/tax payment at tax time. If you like to get a refund at the end of the year and you had similar circumstances last year with the same filing status, follow the instructions. If you'd rather have the money in your paycheck and pay a large amount at tax time, increase the number of allowances.
2006-11-17 11:38:05 · answer #1 · answered by allegro133 2 · 0⤊ 1⤋
Number Of Tax Exemptions
2016-11-13 05:43:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Exemptions on a tax return are not the same thing as exemptions on Form W-4. The W-4 is for Federal tax purposes. The M-4 is for the state. The number of exemptions you select on your W-4 determines how much of your wages are withheld from your paycheck for possible Federal taxes owed next 4/15. Publication 15 has the charts. (See www.irs.gov) That site also has a "withholding calculator" that may be useful. If your income is under $5,000 for the year you can mark the W-4 "exempt" and your paycheck will be bigger but you don't get a refund.
2016-03-22 16:59:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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RE:
How do I determine the number of tax exemptions I am supposed to claim on my W-4?
How do I determine the number of tax exemptions I am supposed to claim on my W-4?
I am married with no children.
2015-08-12 22:11:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
First, you claim withholding alowences, not exemptions on the W-4. The best way to determine how many allowances to claim is to fill out a tax return to determine you tax liability. Divide that amount by the number of times you are paid each year. Then use the IRS withholding tables to find the number that most closely matches. The seond best is to use the withholding calculator on the IRS website.
2006-11-17 13:47:28 · answer #5 · answered by STEVEN F 7 · 1⤊ 0⤋
What you need to do is seek the council of a CPA or tax expert. Ideally, what you want to do is claim enough dependents based on your anticipated deductions so that at the end of the taxable year your tax liability will be a wash, where you neither owe taxes nor do you receive a refund.
2006-11-17 11:41:27 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Read the instructions on the W-4 is one way. If you don't have one you can view one at the following link:
http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3
2006-11-17 11:30:21 · answer #7 · answered by ? 6 · 0⤊ 0⤋
you claim one deduction per dependent
2006-11-17 11:32:57 · answer #8 · answered by Jenny A 6 · 0⤊ 0⤋