Does it matter what amount of money you make a year?

Question

My wife makes 16,000.00 a yr and H&R told her to claim 4 on her paycheck , I will be making over 38,000.00 a year that is why I asked...Thanks for the answers so far...

Answer 1

It's OK to do so, just make sure that you list zero dependents - you and your wife can't both claim 4 dependents or at the end of the year you will have 8 dependents claimed.

Answer 2

Your question is very confusing as to what is she claiming for? Maintenance or tax deduction ??????

If you are talking in singapore context, then obviously then to be able to claim for the child relief would be very much depend on when your children's date of birth + also the educational level of your wife.

If you are talking about child maintenance during a divorce, it is very subjective on what do you provide to them previously and how you are able to continue to maintain their lifestyle.

eg. if the child is all along having tuition, then just because of the divorce, you would still need to continue to provide for the same.

In singapore context, the provision of the child's need is your responsibility and not your wife, even if your wifes makes a million dollars, then you would still need to pay maintenance. Likewise for your wife. But if she is self sufficient, then she will make a S$1/- claim against you to maintain her rights to claim for the future when she is not working.

Another joke on Singapore law is that even your wife may be guilty of an adultery or even after separation, just as long as she had remarry, it is still your responsibility to provide.

Answer 3

If you have 2 kids, one of you (NOT both) claiming 4 allowances on your W-4 will probably be OK.

Answer 4

Yes, it matters. It also matters whether you are itemizing or using a standard deduction.

There is a great W4 tool at paycheckcity.com, input all of your information to arrive at the correct number of exemptions to take.