W-4 Question? If I claim 0 allowances on my W-4 form?

Question

will I get more money in my paycheck, than claiming 2???

Answer 1

Claiming 0 will get you less money on your paycheck, more taken out in taxes. The higher number you claim, the less tax comes out.

Answer 2

The fewer allowances you claim the more will be taken out. To get a larger paycheck claim more allowances.

Answer 3

You will get less money in your paycheck, but more money on your return when you file your taxes next year. I put a little additional money to have a bigger return for spending on something nice when the check comes back. They say your better off saving it in a checking account because you can accrue interest, however, for me, I can't touch it this way.

Answer 4

I agree with all the answers and I don't want to repeat what has been said but the critical thing you need to remember is that the less you get, the more you are lending to the government through IRS interest free.

Some say this is saving but imagine if you saved that money through 401k plan?

For good tax planning, I would take my money today and do whatever I would like to do with today. The English say make hay while the sun shines.

Answer 5

No, claiming 2 will get you more money in your pay check but less of a refund. The small refund is good ( they pay no interest), but a chance of owing taxes at end of year. A raise during year can put you in a different tax bracket & you will owe taxes. A real bummer!!

Answer 6

You'll get less. If you claim 0 they will take out more in taxes each week, but theoretically you'll get more back at the end of the year.

Answer 7

No, you'll get less.