you know that part where you claim 1 or 2 exemptions on your w2...well which one gets you the most money? which one does tax take out more out of?
2007-02-15 05:49:19 · 3 answers · asked by msph05 1 in Business & Finance ➔ Taxes ➔ United States
The more exemptions you claim on your W-4, the less taxes they will take out of your paycheck.
2007-02-15 05:53:49 · answer #1 · answered by sco24 2 · 1⤊ 0⤋
The higher amount of exemptions you claim, the less money will be withheld form your check. Be careful though, if you do not have enough wages withheld from your paycheck you could wind up owing a lot of money when filing your return. You can claim more than two exemptions if you itemize your deductions. You can go to IRS.gov and search "Withholdings calculator" and it is a good tool to determine how mnay exemptions you should claim
2007-02-15 06:04:36 · answer #2 · answered by Paul A 2 · 0⤊ 0⤋
Claiming 1 will get more taken out during the year than 2. If you overpay during the year, you'll get the overpayment back as a refund when you file your taxes. If you underpay taxes during the year, you will owe when you file your return, and depending on how much you underpay by, might owe a penalty for under-withholding.
2007-02-15 16:39:06 · answer #3 · answered by Judy 7 · 0⤊ 0⤋