please explain, thank you.
2007-01-06 09:59:13 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you are not married, and it is on your W-2 as married, then the company only paid income tax (withholding) as married, which is a lower rate. Which means you will have to correct it on your return.
If you try to file as married you would have to put the name of your spouse and his/her social security number. No Spouse? No way to put in a name. You will have to file as single. Treasury Agents are kind of scary and have the second most powerful police job in the country, right behind Game Warden. Which is a branch of their own department, by the way.
If you don't make enough money to pay taxes in the first place, even at the single rate, you still get back everything that was withheld. If your tax bill is less than what was withheld, you still get money back. If you made so little that you don't owe anything, AND qualify for Earned Income Credit, take that as well and you can get back MORE than was withheld.
Good luck and that reminds me I have to get my service ready, do my advertising.
2007-01-06 10:11:13 · answer #1 · answered by brotherjonah 3 · 0⤊ 0⤋
Your W-4, tells your employer how much to withhold for Federal income tax. The W-2 reports your income and withholding to you and the IRS. There is no place for 'married' of single on the W-2. The W-4 is never reported to the IRS. As long as you claim the correct status when you file your return, the only difference is the amount withheld. Withholding rates for married are less than for single. This means you will receive a smaller refund or owe more than you would if your W-4 was correct. I recommend completing a new W-4 right away. You are allowed to do so at any time.
2007-01-06 19:27:17 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
It effects the withholding of payroll taxes. If you pay in too little you could owe penalties. But if you have little income or many tax write offs you may show no ill effect. For example if you have a home mortgage of a couple of thousand a month you could be single but declare 5 dependents to no ill effect.
2007-01-06 18:03:44 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Where I live that would put me into a lower tax bracket. Meaning, that when withheld at the lower (married) bracket, when I file my taxes I will owe taxes.
If you have kids or own a home, It might shift things a bit, but it did not for me!
Bummer......Good Luck!!!
2007-01-06 18:04:39 · answer #4 · answered by Jen 3 · 0⤊ 1⤋
They won't with hold as much and you'll probably owe at the end of the year.
2007-01-06 18:00:38 · answer #5 · answered by tumbleweed1954 6 · 1⤊ 0⤋
yes it will...
2007-01-06 18:00:25 · answer #6 · answered by Fatmatt 2 · 0⤊ 0⤋