can I claim exempt on taxes and how do i figure what exactly I will owe?

Answer 1

If you claim exempt on your W4 and you do not meet the requirements to do so the IRS can instruct your employer to do a LOCK IN withholding, the employer will be required to withhold taxes as per the IRS instuctions, You can and will be fined $500.00 for completing a fraudulent W4. This is a new procedure that has been put in place as of 03/26/2007.

See IRM 5.19.11.3.4.1
http://www.irs.gov/irm/part5/ch19s22.html

To ensure that you have the proper amount withheld use the withholding calculator at the IRS website using your last pay stub it will help determine what you should be claiming on your W4 to ensure that you do not owe on your taxes next year
http://www.irs.gov/individuals/page/0,,id=14806,00.html

Answer 2

Read the instructions on the W-4. You can only claim exempt if you do not expect to have any federal income tax liability for the year.

Answer 3

Claiming an EXEMPT status is a red flag & most employers will not allow you to do this, simply because it is far too risky for them & for you. You can get info on percentages for decuctions at your local tax office, city hall, or EDD (Employment Development Office, also known as unemployment), State & Local or Federal Excise Tax Office, or ask a CPA.