Here's my situation. I am married with no kids and live in an apartment with my husband. He files single "0", as he has a lot of write offs at the end of the year. I work in an office , nothing to really write off and when I claim single "0", I get killed in taxes every week and get hardly anything back at the end of the year. Is there a better way? Should I file married "0", or married "0" but withold at higher Single rate. I'd like to have a few extra dollars for bills every week but do not want to owe at the end of the year. Even if my refund is not much, that would be fine.
2007-04-26 12:46:30 · 5 answers · asked by mrs b 2 in Business & Finance ➔ Taxes ➔ United States
If you are getting very little back, then I wouldn't change your W-4 filing. You could go to www.paycheckcity.com and enter in your current gross and what you would like to change your W-4 to and see how much more you would receive in your check. If changing it, gives you enough extra cash, but keeps you at a minimal refund or you break even, then change it.
Married withholding at a higher single rate is the same as filing single.
2007-04-26 15:36:36 · answer #1 · answered by Mom of 2 4 · 0⤊ 0⤋
That is simple, if you want more every week, claim married and one. If you and your husband file together, there should not be a problem. If he is single and 0 then alot is taken out of his check. If you do the same, then you will have a refund at the end of the year. If you are needing money each week, file Married and 0 and that should cover everything. Believe me when I say the IRS is all over this federal withholding thing. They aren't out to hurt you, but want you to pay during the year what you owe.
2007-04-26 15:33:11 · answer #2 · answered by doris_38133 5 · 0⤊ 1⤋
You only have two choices for your income tax filing; married, filing joint; or, married, filing seperate. On to the W-4; putting down married, withhold at higher single rate will take more out of your check so you get a larger refund. I really need more information for a complete idea of your whole tax situation.
2007-04-27 05:20:07 · answer #3 · answered by acmeraven 7 · 0⤊ 0⤋
This question cannot be answered accurately with the information you gave us. We would need to know how much you make a year and how much your husband makes (minus his expenses). Usually in the that type of situation, the person with the higher income needs to claim zero. The person with the lower income could claim 1 exemption. It really depends on your income together. If both of your incomes together put you into a higher tax bracket, claiming 1 or 2 exemptions could be bad news. You really need to speak to someone that actually prepares taxes. Most tax services will offer this service for free. They'll be able to look at your income and tell you what would be best. You don't want to end up owing at the end of the year. Good Luck
2007-04-26 16:00:09 · answer #4 · answered by Fool in the Rain 6 · 0⤊ 0⤋
redvelvetflame's rant is totally uncalled for on this question - especially since she is flat out wrong with her answer. If you make $2000 from a job, and that's your only income for the year, you are exempt for federal taxes. Period. $2000 is far below the limit where you'd be taxed. For 2006 that limit was $5150 for a dependent - for 2007 it's a little higher. And being a high school student, college student, or neither doesn't matter - it's how much you make that decides whether you are exempt. Depending on where you live, you might or might not have state or local tax liability. And of course you'll also have 7.65% deductioned for social security and medicare.
2016-05-19 21:08:21 · answer #5 · answered by ? 3 · 0⤊ 0⤋