My boss uses quick books and i wanted less taxes taken out of my checks. I know if i claim myself thats the way i would do it. Is giving an allowence the same as depending one???
2007-03-06 08:39:36 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
They're related, but not the same thing. An allowance is claimed on a W-4, and tells your employer to take a little less out of your paycheck for income taxes for each allowance that you claim. You'd usually claim one allowance for each exemption that you will have on your tax return, but can claim more if you have deductions or credits that will reduce your tax liability.
2007-03-06 08:49:59 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Judy's explanation is better than mine. I just wanted to provide a link the the IRS withholding calculator. It is supposed to help determine how many allowances will cover your taxes without over-withholding.
2007-03-06 19:14:35 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋