I am a single male with no kids. I claimed 2 on my taxes not realizing that my refund in the end would be less

Question

My total income was 17,500. What can I expect to receive or pay in to the government?

Answer 1

Two exemptions on your W4 is correct for a single person with no dependents. It is always better to owe money than receive a refund since a refund is just returning money, with no interest, that you could have kept in the first place. As long as you owe less than $1000 there is no penalty.

Your total tax should be about $900.

Your standard deduction and personal exemption is $8450 leaving a taxable amount of $8550. The tax table shows $909.

Answer 2

For a single person with only one job, claiming Single and 2 exemptions is correct on your W4 form. This actually works out just about perfectly as far as withholdings are concerned. You will probably have a very small refund. (If you wind up owning anything, it will probably be less than about $50.00 or so.)

But look at the bright side: You didn't "lend" the government any free money during the year and got the largest possible paycheck so you're actually $$$ ahead of the game right now.

Answer 3

Your total taxes will probably be $984. If you paid in more than that, you'd get the difference as a refund. If you paid less than that, you'd owe the rest.

Answer 4

Holy cow, you should have claimed zero! Go to the IRS site and there should be a taxable income guide.

Answer 5

oh goodness. unless you are a primary parent for 1 or more children you are not legally allowed.
it is so much better to face it now then to get caught and have to pay so much more later.

Answer 6

You will get caught and pay up. Or maybe even worse. How dis-connected are you???

Answer 7

Not enoug info...can't be answered.