2007-01-27 12:27:09 · 4 answers · asked by fastboymatt 1 in Business & Finance ➔ Taxes ➔ United States
When you file exempt, you are not paying federal and sometimes it can mess you up. What I do each year is not claim anything (everything at zero) and when tax time comes, I always receive a huge return. You might want to readjust your exemptions for a year to see how it works out for you.
2007-01-27 12:32:41 · answer #1 · answered by ♪♫♪justpassingby♪♫♪ 5 · 0⤊ 0⤋
If you made $18,000, you can't legally claim exempt on your W-4. In order to claim exempt, you must legitimately expect not to have a tax liability for the year. For a single with no dependents, you would need $15,700 of itemized deductions to qualify.
2007-01-27 21:50:22 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
becasue you are not exempt. you can put anything on your W4 and when you put exempt that told your employer to withhold no taxes from your pay.
As far as your employer knows you would have 18,000 in deductions and it sounds like you did not. you should figure exempt only if you expect less than 8500.00 in a year if you are single and have no other deductions like child care, mortage and such
2007-01-27 20:32:19 · answer #3 · answered by G L 4 · 1⤊ 0⤋
Be happy, I make $5,989 a year to live on, that is the SSI for my disability, I cannot work I cannot make any $ or I lose my Health Care. Then I die.
catch 22
2007-01-27 20:45:17 · answer #4 · answered by Anonymous · 0⤊ 1⤋