If I make 3183 per month gross, how much would that save me on taxes if I claimed 1 exemption?

Question

I have 1 child.

Answer 1

Here is a link to a paycheck calculator which will help you decide what you should do as far as claiming exemptions. It varies by state too, so make sure you click on your state so that you can have accurate results!

Paycheck calender link:
http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

Hope that helps!

Answer 2

It will increase your taxable withholding to a higher rate, giving you a possible larger refund than you would get.

It is so much wiser to go ahead and put that little extra into some kind of interest bearing account, even if it is a small amount of interest.

Why people use the Treasury Department for their savings and allow the Government to use their money interest free is beyond me.

Most employers or even banks have savings programs which can be automatically put into your accounts without having to see the money....

Good Luck & bless

Answer 3

It won't save you anything on taxes to change your allowances on your W-4, it will just change when you pay it. Your total tax is figured without regard to what's on your W-4, then your tax is compared to what was withheld - if more was withheld than your total tax, you get the extra back as a refund - if it's not enough, then you pay in the difference.

If your question is how much would it change your take-home pay, you'd have to say what you claim now on your W-4 and how often you're paid.

Answer 4

this year each exemption was $3200 reduced from taxable income. you might be able to take child tax credit, I can't so I can't give any answer to that.