I want to get the most money from my check without having to PAY in to federal or state taxes at the end of the year. Is there a trick to find out how many dependents I can claim to do so?
I am claiming 0 atm and lose about 19% of my check to taxes.
2007-04-20 08:58:49 · 4 answers · asked by Twiztnin 5 in Business & Finance ➔ Taxes ➔ Other - Taxes
The more exemptions you claim the more your paycheck will be and less taxes taken. You must fill out a new w-4 form and give it to your employer (they should have these forms on hand).
You can claim 1 for yourself and 1 for each of your dependents if you have any, although I have seen people increase to 10 exemptions even though they are single and have no children (not sure if this is legal or not).
I would start off by claiming 1 and see where that gets you.
You could use this website to help you with your calculations.
www.paycheckcity.com
2007-04-20 09:05:09 · answer #1 · answered by billy 2 · 1⤊ 0⤋
please be careful. Use Form W-8Ben (amended version)found on the website, www.famguardian.org to control your withholding. If you do go for W-4 Exempt please be sure you also file IRS Form 6450 with it. You may also want to file an affidavit of exemption in lieu of a W-4. It has been my experience that the IRS has never questioned an exempt W-4 unless you claim more exemptions than you really have. If you have any problems with the Form W-8Ben (most payroll clerks do not know about this form) May I suggest the other two alternatives? Take care and God Bless
2007-04-20 19:09:45 · answer #2 · answered by larry e 1 · 0⤊ 0⤋
Did you owe this year, or did you get a refund? If you came out about even, don't change anything. If you got a large refund, and you don't expect anything about your income or filing status to change much next year, you can increase your allowances on your W-4 and get more in each paycheck - you'll then get less in your refund.
2007-04-20 17:30:13 · answer #3 · answered by Judy 7 · 4⤊ 0⤋
I do not thnik there is any limit as long a uncle gets paid if it is owed ask at your personal office or who pays u
2007-04-20 16:56:55 · answer #4 · answered by mars101_2000 3 · 0⤊ 3⤋