Do they take more out the more people you claim or more the less you claim? Also can you claim an unborn child?
2007-03-31 18:43:06 · 6 answers · asked by Mrs. P 2 in Business & Finance ➔ Taxes ➔ United States
The more exemptions you claim, the less withholding taken from your pay, and the greater your paycheck will be. If you plan on having a child in 2007, you can definitely include the baby as an exemption when filling out the W-4.
2007-03-31 18:51:15 · answer #1 · answered by tma 6 · 0⤊ 0⤋
On your W-4, you'll want to claim about 1 exemption less than you intend to claim on your tax return. That's because the form is designed to have people break even or maybe even owe money on their tax returns. (It's a government thing, to try and have people not get bigger tax refunds every year.)
For every exemption claimed, they take less tax money out of your pay.
Please don't put an exemption for an unborn child on there. I'm not trying to wish anything bad on you, but ... if something did happen... there you'd be. Best to wait until the baby is born and then file a new W-4 with another exemption on there, if that's what you want to do. You can file new W-4's any time you need to.
I hope this answers your question. And, congratulations! I do hope all goes well and you have a healthy, happy baby.
2007-04-01 01:52:19 · answer #2 · answered by Peggy K 5 · 0⤊ 0⤋
The less dependents, the more taxes. You can claim any dependents that you will be able to claim at tax time. In other words if the baby will be born before the end of the year you can include it on your W-4. Be sure you don't claim too many exemptions though or you may owe a bunch at the end of the year. A lot of companies don't deduct nearly enough to cover taxes owed. This is expecially true when both man and wife are working. In that case one spouse usually claims the exemptions and the other claims 0/
2007-04-01 02:03:22 · answer #3 · answered by sissyd 4 · 0⤊ 0⤋
When you claim exemptions, they take out less money from your check as your exemptions increase. If you claim 0 exemptions then they take out the maximum allowed. If you claim 5 exemptions you get more money in your paycheck than you would if you claimed 2. If you claim less exemptions on your W4 than when you file your taxes, you will either get money back, or you won't have to pay in as much money. Usually you claim an exemption per each child you support. Also if you're a certain age, etc. I think you can go to www.irs.gov and check out their information on filling out W4s. That might help you understand a little better. Also, you can't claim a child as a dependent until they have a social security number, that doesn't happen until they are born. Technically the baby is just a part of YOU until it is born.
2007-04-01 01:52:27 · answer #4 · answered by Tessa ♥ 4 · 0⤊ 0⤋
They take out more the fewer people you claim - if you claim more people, they take out less.
You can't claim an unborn child on your tax return at the end of the year. But if the child will be born during the current year, you could claim an allowance on your W-4 since you will get the tax benefits for that year when you file your return. What you claim on your W-4 just controls how much tax is withheld from your paychecks, it doesn't change your total tax liability for the year.
2007-04-01 01:50:41 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
The more you claim the less they take out unborn child no you can not claim,
2007-04-01 02:05:59 · answer #6 · answered by dianemelloniemarlenejerryginder 3 · 0⤊ 0⤋