I re did a W-4 for the last 7 yrs it stated 2 dependents and of course married..
I filled out another W4 to receive more on my paycheck and when i received my stub it stated federal 12 dependents and 5 under state....
I dont know if thats right or something went really wrong...
2007-03-19 10:56:10 · 5 answers · asked by stuffy 5 in Business & Finance ➔ Taxes ➔ United States
before this my check stub always stated @ dependents under federal and 2 under state. Now do i need to fill out another w4 and if so how, the numbers are the same but on the check stub they are high.
2007-03-19 10:57:18 · update #1
Taking too many dependents IS NOT illegal. It's only illegal if you try to take more then you have when you file your taxes. You can take extra on your W-4 if you are getting a large tax refund every year and you want to reduce the amount that is being withheld on your paycheck. The trick is to try to get it to where they're withholding enough that you don't owe taxes but not so much that you get a huge refund.
I just emailed you back Stuffy with some questions. I think 12 is too many. That will certainly increase your take home pay but you're also likely to wind up owing the IRS next April.
2007-03-19 11:44:25 · answer #1 · answered by Faye H 6 · 1⤊ 1⤋
It sounds like something went really wrong. Check with your payroll department and see what they really have on file for you, and show them your pay stub. You might have to fill out yet another W-4 with the correct info on it. If you let this as it apparently is now, there will probably not be any federal tax withheld, then at the end of the year, you'll owe a ton of money plus penalties for underwithholding.
2007-03-19 11:33:17 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
You'd better contact payroll right away to get this straightened out as taking too many dependents is illegal. Both your federal and your state are wrong. By the way, if you and your husband both work and you both take all the dependents you will probably have to pay taxes because your combined income bumps you into a higher bracket.
2007-03-19 11:01:04 · answer #3 · answered by kadel 7 · 0⤊ 0⤋
To clarify an issue some answers appear to misunderstand, you claim ALLOWANCES, not dependents on the W-4. The number you claim should be whatever results in your withholding coming close to your actual tax liability. That is often more than the number of exemptions on your return. You and you wife are not dependents, but you do claim personal exemptions for each of you. 12 does sound high unless you have a lot of itemized deductions that are not subject to ATM (alternative minimum tax).
2007-03-19 12:50:08 · answer #4 · answered by STEVEN F 7 · 1⤊ 1⤋
Wouldn't it be better to talk to your employer about this?
2007-03-19 10:59:52 · answer #5 · answered by Jo Blo 6 · 0⤊ 1⤋